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Johannesburg - South Africa's main indices hit record highs on Thursday, unfazed by news the state power utility had imposed rolling blackouts, as investors piled into firms that reported stronger profits, such as Standard Bank and Exxaro.
Standard Bank beat forecasts with a 14% increase in full-year profit, sending its shares 1.3% higher to R126.12.
Africa's largest bank by assets, Standard Bank has an aggressive strategy to increase its business in fast-growing sub-Saharan markets.
"What a lot of investors will be excited about will be the solid growth in that African business outside South Africa," said Nic Norman-Smith, chief investment officer at Lentus Asset Management.
Overall, stock market traders all but ignored power utility Eskom's announcement that it had imposed rolling power outages on hopes the impact on the economy would limited because most companies have installed back-up electricity.
The JSE Top-40 index gained 0.66% to 43 236.13, its highest closing level on record. The broader All-share index was 0.64% higher at record closing high of 47 819.53.
Exxaro rallied 2.76% to R149.50 after the coal mining firm reported higher full-year profit and boosted its dividend payout by 10%.
Aspen Pharmacare added 0.8% to R281.26 after the generic drugs maker reported a 23% in half-year profit.
Advancers outnumbered decliners 175 to 124 with 48 issues unchanged. An average 170 million shares changes hands, according to preliminary bourse data.
Standard Bank beat forecasts with a 14% increase in full-year profit, sending its shares 1.3% higher to R126.12.
Africa's largest bank by assets, Standard Bank has an aggressive strategy to increase its business in fast-growing sub-Saharan markets.
"What a lot of investors will be excited about will be the solid growth in that African business outside South Africa," said Nic Norman-Smith, chief investment officer at Lentus Asset Management.
Overall, stock market traders all but ignored power utility Eskom's announcement that it had imposed rolling power outages on hopes the impact on the economy would limited because most companies have installed back-up electricity.
The JSE Top-40 index gained 0.66% to 43 236.13, its highest closing level on record. The broader All-share index was 0.64% higher at record closing high of 47 819.53.
Exxaro rallied 2.76% to R149.50 after the coal mining firm reported higher full-year profit and boosted its dividend payout by 10%.
Aspen Pharmacare added 0.8% to R281.26 after the generic drugs maker reported a 23% in half-year profit.
Advancers outnumbered decliners 175 to 124 with 48 issues unchanged. An average 170 million shares changes hands, according to preliminary bourse data.
