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Johannesburg - South Africa's main stock indices set record highs on Thursday with strike-hit platinum shares among the top gainers on hopes that industrial action on the platinum belt could be resolved soon.
Mines producing half the world's platinum shut down on Thursday as the sector's main union began a strike for hefty wage hikes their employers say they cannot pay.
"The market is saying things could be resolved at some point," said Ferdi Heyneke, a trader at Afrifocus Securities, adding that some of the impact of the strike had already been priced into the stocks.
Investors were also betting the expected supply crunch of the industrial metal would propel prices higher and benefit the world's top three producers because they have ample above-ground stock.
Anglo American Platinum, the world's biggest producer, was up 2.3% at R442.01, Lonmin added 2.63% to R58.59 and Impala Platinum gained 1.35% to R127.55.
Overall, Johannesburg's main indices hardly moved after hitting a record high, reflecting the downbeat sentiment in major overseas markets.
The JSE Top-40 index inched up 0.12% to a record closing high of 42 313.97. It earlier set a record high of 45 638.18. The broader All-share index edged up 0.09% to 47 045.44, also a record finish.
Steinhoff shed 1.5% R46.05 after the furniture maker and retailer launched up to $631m in bonds convertible into shares to push out debt maturities.
Advancers outnumbered decliners 162 to 144, with nearly 200 million shares changing hands, according to preliminary bourse data.
Mines producing half the world's platinum shut down on Thursday as the sector's main union began a strike for hefty wage hikes their employers say they cannot pay.
"The market is saying things could be resolved at some point," said Ferdi Heyneke, a trader at Afrifocus Securities, adding that some of the impact of the strike had already been priced into the stocks.
Investors were also betting the expected supply crunch of the industrial metal would propel prices higher and benefit the world's top three producers because they have ample above-ground stock.
Anglo American Platinum, the world's biggest producer, was up 2.3% at R442.01, Lonmin added 2.63% to R58.59 and Impala Platinum gained 1.35% to R127.55.
Overall, Johannesburg's main indices hardly moved after hitting a record high, reflecting the downbeat sentiment in major overseas markets.
The JSE Top-40 index inched up 0.12% to a record closing high of 42 313.97. It earlier set a record high of 45 638.18. The broader All-share index edged up 0.09% to 47 045.44, also a record finish.
Steinhoff shed 1.5% R46.05 after the furniture maker and retailer launched up to $631m in bonds convertible into shares to push out debt maturities.
Advancers outnumbered decliners 162 to 144, with nearly 200 million shares changing hands, according to preliminary bourse data.
