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Johannesburg - Stocks ended slightly higher on Tuesday as the weaker rand prompted investors to pile into miners and other companies with extensive overseas operations.
But FirstRand kept the upside momentum in check after the country's second-biggest lender failed to declare a special dividend, disappointing investors who had hoped for a hefty pay-out.
Shares in the bank, which reported an expected 21% jump in annual earnings, fell 2.9% to R45.28, their biggest daily percentage decline in over a month.
"It's true that the results appear to be broadly in line with expectations, but the market is disappointed there was no special dividend," said Tiaan Heydenrich, an equity and derivatives trader at PSG Securities.
Overall, a softer rand currency - which fell to its weakest level in six months during the session - underpinned gains in companies such as AngloGold Ashanti and SABMiller.
A weaker rand benefits mining houses and firms with extensive overseas operations because it boosts profits when dollar-denominated earnings are brought home.
Gold producer AngloGold Ashanti added 1.4% to R168.66, while brewer SABMiller gained 3 percent to R612.36.
Furniture retailer Steinhoff, which makes more than 85% of profits overseas, jumped 4.4% to R52.70 after it posted an almost one-third increase in full-year profit.
The JSE Top-40 index was up 0.3% to R46 344 and the broader All-share index added 0.19% to 51 707.
Volume was relatively brisk, with 172 million shares changing hands, compared to last year's daily average of 176 million. A total of 146 shares advanced, 169 declined and 50 were unchanged.
