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Johannesburg - South African stocks jumped more than 2% on Friday, gaining for the seventh straight session and coming within sight of lifetime highs on the back of a record run in global markets.
The gains were across the board with Africa's top bullion producer AngloGold Ashanti the biggest advancer among blue chips, adding more than 5 percent.
"The underlying market trend remains quite bullish. In the year-end, the market often gets ahead of itself and then corrects itself in the New Year," said Ferdi Heyneke, a portfolio manager at Afrifocus Securities.
The Top-40 index added a hefty 2.02% to 40 974.73, bringing it within 500 points of its record peak reached in November. Earlier in the session it surpassed the 41 000 mark for the first time since November 8.
The broader All-share index rose 1.83% to 45 735.26, about 550 points shy of its all-time high.
AngloGold gained 5.6% to R122.40. Charts suggest it may have been due for a technical rebound after its 14-day RSI, a momentum indicator followed by some analysts, strayed into oversold territory earlier this week.
Gold shares have been hit hard by a sinking spot price which is set for its biggest annual fall since 1981.
Shares of Adcock Ingram rose 0.8% to R71.65.
South Africa's Foord Asset Management has increased to 15% its stake in Adcock, a regulatory filing showed on Friday, making it the second-largest shareholder in the hotly contested drugmaker.
Among decliners, retailer Foschini Group fell 2.50% to R97.25 as it traded ex-dividend, or without the right to its latest dividend.
Advancers outnumbered decliners 213 to 75 with 51 issues unchanged, according to preliminary bourse data. Volumes remained thin because of the Christmas holiday season with about 78 million shares changing hands.
The gains were across the board with Africa's top bullion producer AngloGold Ashanti the biggest advancer among blue chips, adding more than 5 percent.
"The underlying market trend remains quite bullish. In the year-end, the market often gets ahead of itself and then corrects itself in the New Year," said Ferdi Heyneke, a portfolio manager at Afrifocus Securities.
The Top-40 index added a hefty 2.02% to 40 974.73, bringing it within 500 points of its record peak reached in November. Earlier in the session it surpassed the 41 000 mark for the first time since November 8.
The broader All-share index rose 1.83% to 45 735.26, about 550 points shy of its all-time high.
AngloGold gained 5.6% to R122.40. Charts suggest it may have been due for a technical rebound after its 14-day RSI, a momentum indicator followed by some analysts, strayed into oversold territory earlier this week.
Gold shares have been hit hard by a sinking spot price which is set for its biggest annual fall since 1981.
Shares of Adcock Ingram rose 0.8% to R71.65.
South Africa's Foord Asset Management has increased to 15% its stake in Adcock, a regulatory filing showed on Friday, making it the second-largest shareholder in the hotly contested drugmaker.
Among decliners, retailer Foschini Group fell 2.50% to R97.25 as it traded ex-dividend, or without the right to its latest dividend.
Advancers outnumbered decliners 213 to 75 with 51 issues unchanged, according to preliminary bourse data. Volumes remained thin because of the Christmas holiday season with about 78 million shares changing hands.
