Johannesburg - Stocks put in marginal gains on Tuesday, led by steelmaker ArcelorMittal, which has been lifted by a move to place tariffs on some steel products.
The benchmark JSE Top40 index ended up 0.14 percent at 47138.85 points, while the broader all share index closed 0.18 percent higher at 53915.64 points.
ArcelorMittal, the largest steelmaker listed on the continent, topped the gainers’ list rising 7.6 percent to end the session at R8.07.
South Africa had proposed to put emergency “safeguard” tariffs on imports of certain flat hot-rolled steel products from July, it said in a filing published by the World Trade Organisation last Thursday.
Meanwhile, world stock markets inched higher yesterday, lifted by gains in Europe amid sturdy corporate earnings and signs of economic strength, while US stock indices were little changed ahead of a policy meeting of the US Federal Reserve.
BP shares rose 2.1 percent after the oil major’s first-quarter profit tripled.
Robust results have helped lift share prices across the globe this year, with major US indices at or near record levels. First quarter profits of companies on the benchmark Standard & Poor’s 500 index are expected to have risen 13.6 percent, the strongest rise since 2011.