Mondi Kraft paper production. Picture: SUPPLIED
Mondi Kraft paper production. Picture: SUPPLIED

Mondi’s share price rose nearly 4% on Friday morning, a day after S&P Global Ratings upgraded its credit rating to BBB+ from BBB with stable outlook.

Mondi, along with Investec, has two types of shares — appended with Ltd and plc to distinguish them — trading on the JSE.

Mondi Ltd shares rose 3.8% to R333.43 and Mondi plc shares rose 3.7% to R334.88 on Friday morning, helping the JSE’s resources 10 index swim 2% higher against a red tide.

"We are pleased to confirm that S&P has upgraded our credit rating in recognition of the group’s ongoing financial strength and robust business model," chief financial officer Andrew King said in a media release on Thursday.

Other constituents of the resources 10 index to buck Friday’s downtrend were Anglo American, which was up 3% at R290.45; Glencore, which was up 2.2% at R59.53; and BHP Billiton, which was up 2.17% at R251.13 at 10.30am.