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JSE climbs as Shoprite gains

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.
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Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
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