Johannesburg - Stocks gained on Wednesday as mining firms got a lift from upbeat Chinese manufacturing data.
The benchmark JSE Top40 index advanced 1.24 percent to 44676.91 points while the all share index gained 1.05 percent to 51682.19 points, with diversified mining companies stronger as Chinese data helped copper to a one-week high.
BHP Billiton advanced 3.87 percent to R217.02. Anglo American climbed 3.21 percent to R210.14.
Factory output in China expanded faster than expected in February as domestic and export demand picked up, adding to signs that the global economy is gaining momentum even as fears grow of a surge in trade protectionism.
Banks also gained, with the JSE’s banking index up 1.8 percent at 7508 points.
Nedbank, which reported a 4.8 percent rise in its full-year profit on Tuesday, and Investec were the best performers among the lenders, rising 2.45 percent to R251 and 2.48 percent to R94.49, respectively.
Barclays Africa Group advanced 2.17 percent at R155.25. Standard Bank gained 2.21 percent to R146.38.
“Investors probably looked at Nedbank’s results and thought, well, things aren’t that bad,” Cratos Capital trader, Greg Davies, said.