* Top-40 and All-share up 0.1 pct
* Stocks trading near oversold territory
JOHANNESBURG Oct 29 South African stocks inched
to their highest close on record on Tuesday, helped by a rise in
grocer Shoprite after it settled a labour dispute in
The market was also buoyed by several small-cap firms, such
as Consolidated Infrastructure Group, which rose on
But broad gains were limited as investors continued to worry
about valuations, given that Johannesburg equities are now at
"There is still buying moment for South African equities,"
said Hugh Gous, a trader at 28E Capital Stockbrokers.
The benchmark Top-40 index rose 0.1 percent to
40,496.24, its highest finish on record. It also hit a new
intraday high of 40.748.68 during the session.
The broad All-Share index rose 0.09 percent to
45,443.88, its highest close on record. It also set a new
intraday high of 45,572.76 during the session.
Technical indicators show the market may have little room
for further advances in the near future.
The 14-day relative strength index, or RSI, - a momentum
indicator tracked by chartists - for both of the main indices is
nearly back into oversold territory.
Shares of Shoprite Holdings rose 1 percent to 183.50 rand
after the grocer agreed to hefty wage increases in Zambia, where
the government had threatened to shut down its stores over the
Consolidated Infrastructure, which makes more than 80
percent of its revenue from developing high voltage substations
and installing overhead power lines, jumped more than 5 percent
as the builder posted a 19 percent rise in full-year earnings.
Seardel Investment gained more than 10 percent
after the clothing firm said it is to sell three clothing
manufacturing operations in South Africa and Lesotho to the
textile workers union SACTWU for 105 million rand ($10.68
Seardel will lend the union part of the money which it
expects to be repaid through future cash distributions such as
Infrasors Holdings was one of the biggest
decliners, falling 22 percent to 68 cents. The small-cap
resources firm said its earnings in the first half likely fell
to 0.1 cent per share.
It also restated earnings from a year ago to 0.1 cent from
Trade was relatively modest with 128 million shares changing
hands, according to preliminary bourse statistics.
Whereas 159 companies advanced on the Johannesburg bourse,
another 135 lost value.
Insurer Old Mutual experienced the most activity
with over 6 million shares sold.
($1 = 9.8335 South African rand)
(Reporting by Helen Nyambura-Mwaura; editing by David Dolan)