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Johannesburg - South Africa's stocks booked their highest close on record on Monday, as media group Naspers scaled new highs, propelled by a surge in Chinese internet company Tencent, in which it owns a third.
A consistent top domestic performer has been Naspers, which added 4.4% on Monday to R1 268.20 after hitting its highest point ever of R1 275 earlier in the day.
Tencent, China's largest internet company, which gained nearly 6% in Hong Kong on speculation it would take a 20% stake in Chinese restaurant-review site Dianping for $400m to expand its social media empire beyond messaging, games and stickers.
Naspers' stake in Tencent has fueled a record run in the company's share price, which is up nearly 16% already this year after more than doubling last year.
Shares of Transaction Capital rose 4.2% to R7.40 after the financial firm said it would pay out a special distribution of 210 cents a share to shareholders.
Sibanye Gold was another star performer, adding over 3% to R20.40 after it said its economically extractable reserves were around 46% above its previous estimate.
"Their life of mine profile is longer, so you can discount even more years of earnings into the share price, and that's the reason why it's been re-rated today," said Mohammed Nalla, head of strategic research at Nedbank Capital.
* Fin24 is part of Media24, a subsidiary of Naspers.
The Top-40 index rose 0.92% to a record closing level of 42 478.88. The wider All-share index finished the day 0.86% higher at 47 027.54, marking the second straight session of gains for the market.
Both indices are within easy range of their lifetime highs helped by renewed foreign interest on expectations the US Federal Reserve will not disrupt its gradual pace of monetary stimulus withdrawal.
Last week offshore investors were net buyers of R1.2bn worth of South African shares, data from the Johannesburg Stock Exchange showed on Monday.
That is a reversal of the trend so far this year, as foreign investors remain net sellers of South African shares to the tune of R5.8bn.
Advancers topped decliners 202 to 115, according to preliminary bourse data, while almost 177 million shares changed hands.
A consistent top domestic performer has been Naspers, which added 4.4% on Monday to R1 268.20 after hitting its highest point ever of R1 275 earlier in the day.
Tencent, China's largest internet company, which gained nearly 6% in Hong Kong on speculation it would take a 20% stake in Chinese restaurant-review site Dianping for $400m to expand its social media empire beyond messaging, games and stickers.
Naspers' stake in Tencent has fueled a record run in the company's share price, which is up nearly 16% already this year after more than doubling last year.
Shares of Transaction Capital rose 4.2% to R7.40 after the financial firm said it would pay out a special distribution of 210 cents a share to shareholders.
Sibanye Gold was another star performer, adding over 3% to R20.40 after it said its economically extractable reserves were around 46% above its previous estimate.
"Their life of mine profile is longer, so you can discount even more years of earnings into the share price, and that's the reason why it's been re-rated today," said Mohammed Nalla, head of strategic research at Nedbank Capital.
* Fin24 is part of Media24, a subsidiary of Naspers.
The Top-40 index rose 0.92% to a record closing level of 42 478.88. The wider All-share index finished the day 0.86% higher at 47 027.54, marking the second straight session of gains for the market.
Both indices are within easy range of their lifetime highs helped by renewed foreign interest on expectations the US Federal Reserve will not disrupt its gradual pace of monetary stimulus withdrawal.
Last week offshore investors were net buyers of R1.2bn worth of South African shares, data from the Johannesburg Stock Exchange showed on Monday.
That is a reversal of the trend so far this year, as foreign investors remain net sellers of South African shares to the tune of R5.8bn.
Advancers topped decliners 202 to 115, according to preliminary bourse data, while almost 177 million shares changed hands.
