* Top-40 adds 0.37 pct
* All-share ends 0.32 pct higher
* Vodacom hits record high during session
JOHANNESBURG, Nov 12 South African stocks eked
out slender gains on Monday as mobile phone group Vodacom's
rise to a record high on solid results was countered by
another sell-off in mining shares, which have been laid low by
the violence and illegal strikes.
Vodacom, a unit of Britain's Vodafone, ended 5
percent higher at 116.39 rand after it reported a 22 percent
rise in first-half profit due to strong data growth and a
favourable tax change.
Its shares earlier hit a life-time peak of 116.99 rand.
"They have delivered more than people anticipated," said
Reuben Beelders, a portfolio manager at Gryphon Asset Management
in Cape Town.
Some investors have been worried that South Africa's
dominant mobile carrier would be hurt by aggressive price cuts
from unlisted rival Cell C.
"You've had a lot of negativity around the stock," Beelders
said. "It's slightly better than expected, but I think some of
the risk - the competitive risk - is being priced out."
The JSE Top-40 index added 0.37 percent to
33,244.66, getting the week off to a positive start after
suffering its biggest weekly decline in more than a month. The
broader All-share index ended 0.32 percent higher at
The indices remain within striking distance of a record high
reached last week.
Mining companies had another rough ride as police fired
rubber bullets to disperse protesters at a chrome operation run
by Xstrata, while world No. 1 platinum producer Anglo
American Platinum (Amplats) failed to get thousands of
workers on an illegal strike back on the job.
"We have seen selling again in the mining shares. The
problems just continue to go on," said Ferdi Heyneke, portfolio
manager at Afrifocus Securities.
Losers included Amplats, which shed 2.26 percent to a new
year-low of 383.06 rand, and rival Impala Platinum,
which lost 2.20 percent.
Gold shares also slipped despite a higher spot bullion
price, underscoring the gloom around the entire mining industry.
South Africa's third-biggest gold producer, Harmony
, led the bullion shares down as it dropped 2.40
There were 156 companies that gained in the session while
138 fell and 61 closed unchanged.
(Reporting by Ed Stoddard and David Dolan; Editing by Ed