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Johannesburg - South African stocks added 0.8% on Friday, buoyed by US data that soothed some concerns about the health of the world's top economy, but shares of Harmony Gold fell after a mining accident.
Harmony's shares fell 2.8% to R28.95, after the gold producer stopped all its operations for a 24-hour safety shift following an rock-fall and fire that killed at least eight workers, the worst mining in South Africa in five years.
The benchmark Top-40 index added 0.77% to 40 777.60 and the broader All-Share index gained 0.79% to 45 340.76 after news of a lower US unemployment rate helped boost stocks around the globe.
But gains in the near term are likely to be limited, with Johannesburg stocks not far from record highs, stoking concerns about over-stretched prices.
"As a Southern African investor, it's tough," said Nic Norman-Smith, chief investment officer at Lentus Asset Management in Johannesburg, citing inflated local equities prices and the weaker rand currency, which makes overseas markets more expensive.
"There's always some value out there but the pool is actually becoming tougher and tougher to fish in. I think it's a time for patience."
Banks, which have been poor performers over the last six months, ticked higher, with FirstRand, South Africa's second-largest lender, adding 2.5% to R31.45.
Firms with overseas earnings, such as private hospital group Mediclinic International, gained ground on the weaker rand currency, which inflates the value of overseas revenues.
Mediclinic gained 3.1% to R71.68.
The rand remains stuck near a five-year low, hit by concern about the outlook for Africa's largest economy and a bout of investor aversion to countries with big current account deficits.
Trade was brisk with 219 million shares changing hands, according to preliminary bourse data.
Harmony's shares fell 2.8% to R28.95, after the gold producer stopped all its operations for a 24-hour safety shift following an rock-fall and fire that killed at least eight workers, the worst mining in South Africa in five years.
The benchmark Top-40 index added 0.77% to 40 777.60 and the broader All-Share index gained 0.79% to 45 340.76 after news of a lower US unemployment rate helped boost stocks around the globe.
But gains in the near term are likely to be limited, with Johannesburg stocks not far from record highs, stoking concerns about over-stretched prices.
"As a Southern African investor, it's tough," said Nic Norman-Smith, chief investment officer at Lentus Asset Management in Johannesburg, citing inflated local equities prices and the weaker rand currency, which makes overseas markets more expensive.
"There's always some value out there but the pool is actually becoming tougher and tougher to fish in. I think it's a time for patience."
Banks, which have been poor performers over the last six months, ticked higher, with FirstRand, South Africa's second-largest lender, adding 2.5% to R31.45.
Firms with overseas earnings, such as private hospital group Mediclinic International, gained ground on the weaker rand currency, which inflates the value of overseas revenues.
Mediclinic gained 3.1% to R71.68.
The rand remains stuck near a five-year low, hit by concern about the outlook for Africa's largest economy and a bout of investor aversion to countries with big current account deficits.
Trade was brisk with 219 million shares changing hands, according to preliminary bourse data.
