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Johannesburg - The All-share index hit a lifetime
high in early trade on Tuesday, as commodity firms such as Impala Platinum
Holdings [JSE:IMP] ticked higher, tracking gains in global equities after
upbeat economic growth data in China.
By 07:37 GMT, the All Share [JSE:203] index, the broadest
measure of South African stock market performance, was up 0.65% at 33 422 29,
above its previous record of 33 334.55 set 11 months ago.
“Last year was a nothing year so a lot of money has been
sitting on the sidelines. It’s January, a lot of money is looking to come into
the market even with worries about Europe,” said Nick Kunze, a head of dealing at
BJM Securities.
“The reporting season at home and in the United States would
determine if there’s a real momentum behind these gains.”
The All Share index is up nearly 5% so far this year, after
a flat 2011.
The benchmark Top 40 - (Tradeable) [JSE:J200] index was up
0.74% at 29 857.08, still well below its record high of 31.393.10 set last
year.
Shares of commodity companies rose, as the slightly
better-than-expected Chinese economic data convinced investors that resources
will continue to be helped by demand for the world’s No 2 economy.
Diversified miner Anglo American [JSE:AGL] rose 1.4% to
R324.98 and platinum producer Impala Platinum advanced 1.3% to R170.20.
China’s gross domestic product grew at an annual rate of 8.9% in the fourth quarter, its weakest in two-and-a-half years and slowing from 9.1% in the previous quarter, but it beat expectations for an 8.7% rise.
