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It seems however investors are in for a rough ride in the foreseeable future because the market is very volatile, with traders using every dip in share prices to buy shares and every little run to take profit again.
After the strong run in share prices at the end of last week, the market pulled back on Tuesday, particularly resources shares, but all the indices were higher again on Wednesday.
Even analysts are not quite sure what will happen next, as they expected a softer tone on Wednesday morning, which did not happen.
By midday on Wednesday, the All Share-index was 0.65% higher on 50 684 points while the Top 40-index increased with 0.58% to 45 240 points.
The Financial index edged 0.40% higher and the Industrial index gained 0.72%. By midday that index traded at 61 594 points, breaching the important resistance level of 61 160.
Imara SP Reid said in its daily market snapshot that if the breach is supported by decent volumes it could be a very positive indicator of future upward momentum.
In fact, the underlying medium term indicators for the market are good, but on the short term the Top 40-index is overbought and there could be profit taking around the corner.
The Resources index also improved and was 0.46% stronger after a strong upward surge just before midday. The Gold index increased with 0.95%.
The market is still supported by the weaker rand which softened somewhat this morning as the market awaits the latest retail figures.
One of the star performers was the Spar Group [JSE:SPG] which gained a massive 7% to trade at a new 52-week high of R142.96. The group announced an increase of 13% in its profit on Wednesday.
Amongst the other retailers Mr Price [JSE:MPC] is also on a 52-week high and gained another 1.71% to R239.01. The share price is now 43.1% higher over the last six months and 56.8% for the year.
Various food companies are also amongst those which are trading at 52-week highs. Tiger Brands [JSE:TBS] was 3.05% stronger on a new high of R336.29 after last week's trading statement that its interim profit will be between 13% and 16% better than the corresponding period last year.
AVI [JSE:AVI] was 2.91% higher on a high of R74.25 and Pioneer Foods [JSE:PFG] gained 0.69% to R129.00.
The share prices of construction firms are however still in the doldrums with big groups such as Murray & Roberts [JSE:MUR] and Aveng [JSE:AEG] at new 52-week lows, following a report that South Africa's construction firms face collusion charges relating to the 2010 Fifa Soccer World Cup.
Murray & Roberts lost another 1.79% on Wednesday and its price of R22.25 at midday is now 27.6% lower than a year ago. Aveng lost 37.8% over the last year after the share price dropped another 2% to R18.12.
