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.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.