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Johannesburg - South African stocks put in a sixth straight day of gains on Tuesday in a shortened Christmas Eve session as renewed appetite for risk brought the market closer to life highs reached last month.
Among gainers, Blue Label Telecoms, which provides pre-paid cellular airtime, added 2.3% to R8.10 after the company said one of its units had acquired a data provider for around $30m (about R306.6m) that will open new channels for the distribution of its products and services.
Decliners included drugmaker Adcock Ingram, which shed almost 1% to R71.07, after state pension fund the Public Investment Corporation (PIC) said it increased its stake in the company to over 22%, putting the fund closer to being able to single-handedly block a $1.2bn (about R12.8bn) Chilean takeover bid.
Johannesburg's Top-40 index added 0.42% to 40 163.56, 1 310 points short of its record peak hit on November 7.
The wider All-share index rose 0.36% to 44 912.80, 1 373 points shy of its life.
The late-year rally has mostly been fueled Wall Street's record run and the US Federal Reserve's very modest steps to roll back its ultra-loose monetary policy which has helped to maintain the appeal of risky assets.
Analysts say a closer look at South Africa's fundamentals could bring the market back to earth as it is looking expensive when compared to its emerging market peers.
Growth in the economy is also sluggish which has been shaken by labour unrest.
"A new record may not happen this year though it's possible in the New Year. But a lot of players feel the market is expensive and people are not rushing into it," said Abri du Plessis, chief investment officer at Gryphon Asset Management.
Advancers outnumbered decliners 133 to 100 with 49 issues unchanged. Volumes were light with around 95 million shares changing hands, according to preliminary bourse data.
The market will be closed Wednesday and Thursday for the Christmas Day and Day of Goodwill holidays.
Among gainers, Blue Label Telecoms, which provides pre-paid cellular airtime, added 2.3% to R8.10 after the company said one of its units had acquired a data provider for around $30m (about R306.6m) that will open new channels for the distribution of its products and services.
Decliners included drugmaker Adcock Ingram, which shed almost 1% to R71.07, after state pension fund the Public Investment Corporation (PIC) said it increased its stake in the company to over 22%, putting the fund closer to being able to single-handedly block a $1.2bn (about R12.8bn) Chilean takeover bid.
Johannesburg's Top-40 index added 0.42% to 40 163.56, 1 310 points short of its record peak hit on November 7.
The wider All-share index rose 0.36% to 44 912.80, 1 373 points shy of its life.
The late-year rally has mostly been fueled Wall Street's record run and the US Federal Reserve's very modest steps to roll back its ultra-loose monetary policy which has helped to maintain the appeal of risky assets.
Analysts say a closer look at South Africa's fundamentals could bring the market back to earth as it is looking expensive when compared to its emerging market peers.
Growth in the economy is also sluggish which has been shaken by labour unrest.
"A new record may not happen this year though it's possible in the New Year. But a lot of players feel the market is expensive and people are not rushing into it," said Abri du Plessis, chief investment officer at Gryphon Asset Management.
Advancers outnumbered decliners 133 to 100 with 49 issues unchanged. Volumes were light with around 95 million shares changing hands, according to preliminary bourse data.
The market will be closed Wednesday and Thursday for the Christmas Day and Day of Goodwill holidays.
