JOHANNESBURG (Reuters) – Shares in South African petrochemicals group Sasol surged nearly 30% on Friday as a recovery in oil prices sparked buying of the stock, which was pummelled in the previous session.
Brent crude prices rose over 3% on Friday after falling more than 7% the day before, a drop which helped send Sasol shares to a 21-year low.
“It does look like it was over down around 30 rand. Perhaps some opportunistic buyers are looking to get in at these low prices,” said Nilan Morar, trader at GT247.
By 0808 GMT shares in Sasol were up 20.9% to 45.01 rand after hitting a high of 55.84 rand earlier in the session.
(Reporting by Tanisha Heiberg; Editing by Jan Harvey)
This artcile was frst published on Reuters Africa https://af.reuters.com/article/investingNews/idAFKBN21010K-OZABS and is republished with its permission.