Stronger oil price boosts Sasol

JOHANNESBURG – Shares in South Africa’s Sasol, the world’s top producer of synthetic fuel from coal, climbed more than six per cent yesterday after oil rose by US$1,50 (N$9,75) as a tropical storm menaced US rigs and refineries.

By 1053 GMT Sasol was the biggest climber among blue chips, trading 5,79 per cent higher at 220,10 rand and outperforming a 1,16 per cent rise in the market’s top-40 stock index. “Sasol, like many other stocks, were sold off heavily in the last couple of weeks.There’s a bit of bargain-hunting across the market, with more interest in Sasol because of the firmer oil price,” Jason Chesters, an analyst at fund managers Tri-Linear Wealth Managers said.Tropical Storm Wilma, the 21st named storm this year, formed from a depression in the Caribbean and is expected to move into the oil-rich Gulf of Mexico by the end of the week, the US National Hurricane Center said on its website.- Nampa-Reuters”Sasol, like many other stocks, were sold off heavily in the last couple of weeks.There’s a bit of bargain-hunting across the market, with more interest in Sasol because of the firmer oil price,” Jason Chesters, an analyst at fund managers Tri-Linear Wealth Managers said.Tropical Storm Wilma, the 21st named storm this year, formed from a depression in the Caribbean and is expected to move into the oil-rich Gulf of Mexico by the end of the week, the US National Hurricane Center said on its website.- Nampa-Reuters