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CORRECTED - SAfrica stocks race to record high,rand firmer to dlr

Thu May 15, 2008 12:51pm EDT
 
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(Corrects bond yields in para 14)

JOHANNESBURG, May 15 (Reuters) - South Africa's stock indices surged to record highs on Thursday supported by higher metals prices and the rand was also on a firmer footing against the dollar.

The JSE's Top-40 Index was up 0.86 percent to an all-time 30,665.72 points high and the broader All-share Index went up 0.8 percent to a record 32,647.43 points.

"It's the resources that helped us all the way up," Garth Mackenzie, a trader at BoE Private Clients said.

Mining giant Anglo American (AGLJ.J: Quote, Profile, Research, Stock Buzz) climbed 1.29 percent to 513 rand, while rival BHP Billiton (BILJ.J: Quote, Profile, Research, Stock Buzz) was 0.16 percent higher at 315 rand.

Goldfields (GFIJ.J: Quote, Profile, Research, Stock Buzz) led the gold miners up, gaining 0.76 percent to 105 rand as gold jumped more than 2 percent, helped by speculative buying on the metal's appeal as an alternative investment and an inflation hedge.

Spot platinum also made gains, driving platinum miners higher. Anglo Platinum (AMSJ.J: Quote, Profile, Research, Stock Buzz) rose 2.44 percent to 1,343 rand.

The world's biggest brewer, SABMiller (SABJ.J: Quote, Profile, Research, Stock Buzz) performed best among the blue chips, growing 3.63 percent at 185.50 rand. The company beat forecasts with a 19 percent rise in annual earnings on Thursday.

Industrials' shares were also higher, led by construction and engineering group Murray and Roberts Holdings Ltd (MURJ.J: Quote, Profile, Research, Stock Buzz), which climbed 2.39 percent to 90 rand.  Continued...

 

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