Johannesburg - South African stocks rose more than 1% on Friday, capping their best weekly performance in six weeks as Shoprite and other companies sensitive to consumer spending advanced, a day after the central bank kept interest rates steady.
Logistics firm Grindrod slipped 1.4% to R26.10 after it said it would issue up to R4bn of new shares to fund expansion projects.
South Africa's central bank left rates steady at 5.5% on Thursday, helping boost shares of some companies reliant on consumer spending. A rate increase would likely put more pressure on debt-burdened South Africans.
"It looks like the bulls are firmly in the drivers seat. The mining stocks, despite the strikes, are showing signs of life," said Ryan Woods, a trader at Independent Securities.
"We are due for some sort of pull-back, the question is 'when'?"
The benchmark Top-40 index ended up 1.2% at 43 167.60, just shy of its record high of 43 434.57. The index recorded its best weekly performance since the middle of February.
The broader All-Share index also advanced 1.2%, to 47 930.03.
Shoprite, Africa's largest retailer, gained 2.8% to R158.50.
Fellow retailer Woolworths Holdings added nearly 1% to R73.46.
Trade was active, with 212 million shares changing hands. A total of 221 shares advanced, 97 declined and 56 were unchanged.
Logistics firm Grindrod slipped 1.4% to R26.10 after it said it would issue up to R4bn of new shares to fund expansion projects.
South Africa's central bank left rates steady at 5.5% on Thursday, helping boost shares of some companies reliant on consumer spending. A rate increase would likely put more pressure on debt-burdened South Africans.
"It looks like the bulls are firmly in the drivers seat. The mining stocks, despite the strikes, are showing signs of life," said Ryan Woods, a trader at Independent Securities.
"We are due for some sort of pull-back, the question is 'when'?"
The benchmark Top-40 index ended up 1.2% at 43 167.60, just shy of its record high of 43 434.57. The index recorded its best weekly performance since the middle of February.
The broader All-Share index also advanced 1.2%, to 47 930.03.
Shoprite, Africa's largest retailer, gained 2.8% to R158.50.
Fellow retailer Woolworths Holdings added nearly 1% to R73.46.
Trade was active, with 212 million shares changing hands. A total of 221 shares advanced, 97 declined and 56 were unchanged.