(Updates to reflect afternoon trade, adds analyst comment)
JOHANNESBURG, April 18 (Reuters) - South African stocks
and the rand strengthened on Tuesday after the resources index jumped on the back of higher platinum group metals
(PGM) prices.
On the Johannesburg Stock Exchange, the blue-chip Top-40
index closed up 0.88%, while the broader all-share
index ended 0.73% higher.
The resources index, which jumped over 4% from its previous
close, drove the market's gains as platinum and palladium prices rose more than 3%.
Commodities prices hit low levels in March and have been
rising since then, Wayne McCurrie, an FNB portfolio manager,
said.
Impala Platinum's stock also rose after announcing
it would buy more shares in Royal Bafokeng Platinum ,
strengthening its hold on a miner with high-grade assets that
made it an attractive takeover target.
Impala was going head-to-head with rival Northam Platinum in a bidding war for Royal Bafokeng before Northam
pulled out earlier this month.
At 1610 GMT, the rand traded at 18.1925 against the U.S.
currency , 0.67% firmer than its previous close.
On Wednesday, investors will turn their focus to the March
consumer price index , which could affect whether
the South African Reserve Bank hikes interest rates again in
May.
The government's benchmark 2030 bond was flat at
10.050%.
(Reporting by Tannur Anders and Alexander Winning; Additional
reporting by Nqobile Dludla; Editing by Anait Miridzhanian and
Mark Potter)
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