South African stocks rose on Thursday with mining firm Assore jumping almost 30 percent after an upgrade by Barclays, in its biggest daily percentage jump in 16 years. The iron and manganese ore producer surged 29.6 percent to 138 rand, recovering from a decline of about 40 percent from its 2015 highs due to lower commodity prices.
Barclays upgraded Assore to "overweight" from "underweight" on Thursday and a technical chart analysis showed the stock was oversold and due for a climb.
Johannesburg's Top-40 index closed 1.12 percent higher at 46,699 after jumping more than 2 percent. The broader All-share index climbed 1.06 percent to 52,741.
"The stock could be rising from a combination of the Barclays and there was a chance it was oversold," said Bruno van Eck from Thebe Stockbroking in Johannesburg, adding that the sharp jump was "excessive".
Trading was brisk, with about 357 million shares changing hands according to preliminary data, almost double last year's daily average of 183 million shares.
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