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Johannesburg - South African shares put in a second straight day of gains on Thursday, coming just short of record highs, as investors piled into mining shares which were lifted by positive global data and a weaker rand currency.
Bucking the trend, Johannesburg-listed shares of Richemont lost around 1.8% after the luxury goods maker missed third quarter sales expectations, making it one of the biggest decliners among blue chips.
South African discount retailer Mr Price also fell after it failed to impress investors with a 15 percent rise in third-quarter sales, reflecting the lofty expectations for one of Johannesburg's most expensive stocks.
Mr. Price shed 2.8% to R158.50.
"This is basically from the US data and though it has not pushed up commodity prices yet we are seeing positive expectations in equities," said Christie Viljoen, an economist at NKC Independent Economists.
The Top-40 index added 0.71% to 41 951.93. It went as high as 42 039.02, just shy of its lifetime record of 42 052.44 reached on January 2.
The broader All-Share index rose 0.62% to 46 728.46, just under 110 points short of its record peak.
Mining shares, particularly those with a global presence, benefited from a round of robust data in Europe, the United States and Japan which could herald renewed global demand for commodities.
Johannesburg shares of global mining houses Anglo American and BHP Billiton were the top performers on the Top-40, shooting up 4.1% and 3.7% respectively. Seven of the Top-40's biggest advancers were mining shares.
Rand weakness also helped South African mining houses, which sell gold for dollars. The rand languished near a five-year low against the dollar.
Africa's top bullion producer, AngloGold Ashanti ended advanced over 2% to R138.34.
"There is a bad view on South African mining but this is undermining the rand and so helping the mining companies in a kind of circle that is hard to get out of," said Viljoen.
Advancers outnumbered decliners 164 to 145, according to preliminary bourse data, with 55 issues unchanged. Turnover was relatively brisk with about 169 million shares changing hands.
Bucking the trend, Johannesburg-listed shares of Richemont lost around 1.8% after the luxury goods maker missed third quarter sales expectations, making it one of the biggest decliners among blue chips.
South African discount retailer Mr Price also fell after it failed to impress investors with a 15 percent rise in third-quarter sales, reflecting the lofty expectations for one of Johannesburg's most expensive stocks.
Mr. Price shed 2.8% to R158.50.
"This is basically from the US data and though it has not pushed up commodity prices yet we are seeing positive expectations in equities," said Christie Viljoen, an economist at NKC Independent Economists.
The Top-40 index added 0.71% to 41 951.93. It went as high as 42 039.02, just shy of its lifetime record of 42 052.44 reached on January 2.
The broader All-Share index rose 0.62% to 46 728.46, just under 110 points short of its record peak.
Mining shares, particularly those with a global presence, benefited from a round of robust data in Europe, the United States and Japan which could herald renewed global demand for commodities.
Johannesburg shares of global mining houses Anglo American and BHP Billiton were the top performers on the Top-40, shooting up 4.1% and 3.7% respectively. Seven of the Top-40's biggest advancers were mining shares.
Rand weakness also helped South African mining houses, which sell gold for dollars. The rand languished near a five-year low against the dollar.
Africa's top bullion producer, AngloGold Ashanti ended advanced over 2% to R138.34.
"There is a bad view on South African mining but this is undermining the rand and so helping the mining companies in a kind of circle that is hard to get out of," said Viljoen.
Advancers outnumbered decliners 164 to 145, according to preliminary bourse data, with 55 issues unchanged. Turnover was relatively brisk with about 169 million shares changing hands.
