JOHANNESBURG - South African stocks ended slightly higher on Thursday in tandem with global markets with gold miners such as Harmony the top gainers on the local bourse, lifted by stronger bullion prices and bargain chasers.
Third-biggest producer Harmony surged 6.4 percent to 82.04 rand as bullion prices snapped three days of losses to rise as high as $1,577.50 an ounce.
"It looks like people are bottom picking in case the goal posts move again. In the long-term the fundamentals are still in place for the gold price," says SBG Securities mining analyst David Davis, pointing to mounting market jitters over the Greek election next month, which could hasten the country's exit from the euro zone, and lingering concerns over U.S. debt.
The JSE Top-40 blue-chip index was up 0.57 percent at 29,137.84 and the broader All-share index gained 0.48 percent to 33,046.13.
Global stocks edged up as investors locked in bargains on equities, gold and oil, whose prices are beaten down due to euro zone headaches.
Gold, typically a safe-haven option, has been moving in line with riskier assets as the euro zone debt problem grinds on.
Gold Fields, down about 12 percent year-to-date, added 5 percent to 110.06 rand. Bigger rival AngloGold Ashanti also found favour, adding 3.7 percent to 301.90 rand.
Johannesburg bourse's volatility index -- a measure of investor fear similar to the CBOE Volatility Index in the United States -- rose to 23 on Wednesday, its highest point since early March.
"We are strong one day and then weak the other day, so I see pretty much the same, going sideways, going nowhere," said Barend Saayman, a portfolio manager at PSG Konsult.
Some 218 million shares were traded, according to preliminary bourse data, from a total 227 million in the previous session.
