Johannesburg - Shares ended 0,9 percent higher yesterday, largely ignoring Nato air strikes against military targets in Yugoslavia.
At the close, the JSE's composite all share index was 55,9 points higher at 6519,20 as 240 shares advanced, 153 declined and 279 were unchanged. The industrial index was up 38,6 points to 7598,1, while the gold index added 40,5 points, or 1,4 percent, to 2919,7.
Traders said the market enjoyed a rebound after recent sell-offs and local and foreign institutions were buying blue-chip shares at bargain prices.
Gold stocks were buoyant as investors bought gold shares instead of bullion at a time of political and military instability, said traders.
The gold price has failed to budge despite the air attacks in Yugoslavia, remaining in a tight band around $284 on the spot market.
Anglogold added 500c, or 2,1 percent, to close at R246, while Western Areas rose 50c, or 2,7 percent, to R19.
Among financial stocks, Nedcor rose 620c, or 4,4 percent, to R146,60 on expectations of further falls in prime interest rates in the near term.
Sappi moved up 65c, or 2,4 percent, to R28,25 on expected higher prices for paper and pulp products.
Among the decliners was Lonmin, a mining group formerly Lonrho, which shed 145c, or 3 percent, to close at R47,05. The stock fell because of a failed European Court appeal yesterday on its control of Impala Platinum.
Billiton gained 30c, or 2,1 percent, to R14,90 and Anglo American gained 200c, or 0,9 percent, to R220.
Convergent Network, which is reorganising its financial services business after selling its media interests earlier this year, surged 9c, or 27,3 percent, to 42c. The company, known as C-Net, said it acquired Tisec, a provider of financial services, for R254 million, subject to Tisec's attaining certain profit levels.
Iota Financial Services rose 15c, or 2 percent, to R7,65. The financial services company said it was in talks that could affect its stock. Company officials declined to comment on the talks.