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Johannesburg - South African stocks hit record highs for the third straight session on Wednesday, with paper maker Mondi gaining ground after it said it expects higher full-year earnings.
Resource firms such as AngloGold Ashanti, Anglo American Platinum also advanced, as investors bet they would benefit from the weaker rand currency.
"The market is looking at these resource companies and saying that they are undervalued. Investors are starting to price in the companies which are going to benefit from the weaker rand," said Greg Davies, a trader at Cratos Capital.
The benchmark Top-40 index rose 0.78% to 42 909.69, its highest on record. The broader All-Share index also finished at its highest on record, up 0.69%t at 47 438.31.
Mondi, a paper maker that is also listed in London, said earnings for the year to end-December likely rose by as much as 48%, due in part to smaller after-tax charges.
Its shares rose 2.6% to R188.
Miner AngloGold Ashanti gained 2.3% to R194.31 while Anglo American Platinum gained 0.6% to R453.67.
Mining houses are expected to benefit from the weaker rand - which is still hovering around five-year lows - as they sell their products in dollars.
Trade was relatively brisk, with 192 million shares changing hands according to preliminary bourse data. A total of 167 shares advanced, 137 declined and 40 were unchanged.
Resource firms such as AngloGold Ashanti, Anglo American Platinum also advanced, as investors bet they would benefit from the weaker rand currency.
"The market is looking at these resource companies and saying that they are undervalued. Investors are starting to price in the companies which are going to benefit from the weaker rand," said Greg Davies, a trader at Cratos Capital.
The benchmark Top-40 index rose 0.78% to 42 909.69, its highest on record. The broader All-Share index also finished at its highest on record, up 0.69%t at 47 438.31.
Mondi, a paper maker that is also listed in London, said earnings for the year to end-December likely rose by as much as 48%, due in part to smaller after-tax charges.
Its shares rose 2.6% to R188.
Miner AngloGold Ashanti gained 2.3% to R194.31 while Anglo American Platinum gained 0.6% to R453.67.
Mining houses are expected to benefit from the weaker rand - which is still hovering around five-year lows - as they sell their products in dollars.
Trade was relatively brisk, with 192 million shares changing hands according to preliminary bourse data. A total of 167 shares advanced, 137 declined and 40 were unchanged.
