Johannesburg - South African stocks scaled record closing peaks for the second straight session on Tuesday, with platinum producers such as Impala Platinum leading the uphill charge on a weaker rand.
The rand fell over 1% on wider emerging market jitters, a boon for platinum producers and other mining companies which export metal for dollars.
"The rand is driving some of the resource stocks at the moment," said Abri du Plessis, chief investment officer at Gryphon Asset Management in Cape Town.
Johannesburg's Top-40 index closed 0.16% higher at a record closing high of 40 929.70. The wider All-share index added 0.17% to 45 750.23, also a life-time closing peak.
Implats, the world's second-largest platinum producer, saw its shares leap almost 6% to R127.63. Bigger rival Anglo American Platinum added 3.8%.
The spot price of the precious metal has also edged up over 5% the past three weeks in part on perceptions that Implats, Amplats and rival producer Lonmin could all get hit by strikes, which could halve global output.
Shares of both ArcelorMittal South Africa and Kumba Iron Ore moved after they said they had reached a supply deal, replacing an agreement suspended during a lengthy dispute and raising the price ArcelorMittal will have to pay for raw material.
ArcelorMittal's share price dropped 3.7% to R37.74 while Kumba, a unit of Anglo American, added over 2%.
Momentum indicators suggest both indices have strayed well into overbought territory and the market pared earlier gains which had seen it over 0.60 percent higher.
Decliners pipped advancers 155 to 152 with 56 shares unmoved, according to preliminary bourse data. Around 169 million shares changed hands.
The rand fell over 1% on wider emerging market jitters, a boon for platinum producers and other mining companies which export metal for dollars.
"The rand is driving some of the resource stocks at the moment," said Abri du Plessis, chief investment officer at Gryphon Asset Management in Cape Town.
Johannesburg's Top-40 index closed 0.16% higher at a record closing high of 40 929.70. The wider All-share index added 0.17% to 45 750.23, also a life-time closing peak.
Implats, the world's second-largest platinum producer, saw its shares leap almost 6% to R127.63. Bigger rival Anglo American Platinum added 3.8%.
The spot price of the precious metal has also edged up over 5% the past three weeks in part on perceptions that Implats, Amplats and rival producer Lonmin could all get hit by strikes, which could halve global output.
Shares of both ArcelorMittal South Africa and Kumba Iron Ore moved after they said they had reached a supply deal, replacing an agreement suspended during a lengthy dispute and raising the price ArcelorMittal will have to pay for raw material.
ArcelorMittal's share price dropped 3.7% to R37.74 while Kumba, a unit of Anglo American, added over 2%.
Momentum indicators suggest both indices have strayed well into overbought territory and the market pared earlier gains which had seen it over 0.60 percent higher.
Decliners pipped advancers 155 to 152 with 56 shares unmoved, according to preliminary bourse data. Around 169 million shares changed hands.