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Johannesburg - South African stocks hit a record high for the second straight day on Friday, but gains were limited as investors cashed in recent advancers such as SABMiller and Tiger Brands.
Platinum producer Lonmin jumped 3.8% to R45.23, on hopes court-mediated negotiations between platinum companies and striking miners would soon resolve a crippling 17-week strike.
Caution set into the market after the broad All-Share index topped the psychologically important 50 000 level for the second straight day, but failed to sustain it. The index hit 50,000 for the first time in its 19-year history on Thursday.
"Tiger Brands pushed hard yesterday so we are seeing a little profit-taking today, on the breweries as well. Reality is setting in and we are seeing investors take a little bit off the market," said Desmond Reilley, a trader at PSG Securities.
"There a lot of guys who are cautious after the market hit 50 000 yesterday," Reilley added.
The benchmark Top-40 index ticked up 0.12% to 44 894.82, while the broader All-Share index also edged up 0.12% to 49 952.69.
Johannesburg-listed shares of SABMiller fell 2% to R574.89. The world's second-largest brewer surged on Thursday after it announced a new cost-saving target.
Tiger Brands, a maker of cereal and other foods, fell 2.4% to R301, after adding 3.1% in the previous session.
A total of 178 million shares traded hands, according to preliminary data from the Johannesburg bourse, with 171 shares advancing and 137 declining.
Platinum producer Lonmin jumped 3.8% to R45.23, on hopes court-mediated negotiations between platinum companies and striking miners would soon resolve a crippling 17-week strike.
Caution set into the market after the broad All-Share index topped the psychologically important 50 000 level for the second straight day, but failed to sustain it. The index hit 50,000 for the first time in its 19-year history on Thursday.
"Tiger Brands pushed hard yesterday so we are seeing a little profit-taking today, on the breweries as well. Reality is setting in and we are seeing investors take a little bit off the market," said Desmond Reilley, a trader at PSG Securities.
"There a lot of guys who are cautious after the market hit 50 000 yesterday," Reilley added.
The benchmark Top-40 index ticked up 0.12% to 44 894.82, while the broader All-Share index also edged up 0.12% to 49 952.69.
Johannesburg-listed shares of SABMiller fell 2% to R574.89. The world's second-largest brewer surged on Thursday after it announced a new cost-saving target.
Tiger Brands, a maker of cereal and other foods, fell 2.4% to R301, after adding 3.1% in the previous session.
A total of 178 million shares traded hands, according to preliminary data from the Johannesburg bourse, with 171 shares advancing and 137 declining.
