IT stocks led gains on the JSE yesterday, with the index closing 5.13% up as the Dimension Data and Datatec shares surged.
Dimension Data, which traded on relatively high volumes, closed 9.68% up at 340c after JP Morgan on Friday upgraded the stock on the London Stock Exchange. The share continued to rocket today. By noon it was another 24c up at 364c.
Analyst John Poluta said in a research note that JP Morgan had raised its recommendation to "overweight".
The firm said Dimension Data had suffered as a result of its exposure to the US and Asia, but recent results had indicated that the regions were recovering more rapidly than Europe.
Datatec closed at 983c, 8.02% up on the previous day. The Datatec share has gained about 37% since mid-August.
Spescom rose 22% to 105c and Mustek gained 4.7% to 660c ahead of the release of June results that showed an 18.6% increase in net profit. EOH closed 5.7% higher at 185c. Comparex bucked the trend, slipping 5c to 810c.
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