Johannesburg - South African stocks booked a record close for the fourth time this week on Friday, lifted by surging gold producers such as Anglo Gold Ashanti after the spot price hit two-months highs.
The Top-40 index climbed 1.40 percent to 38,623.63 while the wider All-Share index added 1.25 percent to 43,042.11.
Both were record closing levels.
The market paused for breath and fell more than one percent as profits were taken on Thursday after record runs in the previous three sessions, but investors piled back in on Friday.
“We have seen some switching into resources,” said Andrew Bryson, a trader at Nedbank Private Wealth.
“Prospects for global growth are improving, and there is some positive sentiment coming back into the resource sector.”
Gold - which has not had much good news lately - closed in on a two-month high hit earlier on Friday, leaving prices on course for their biggest weekly gain in a month, as weaker-than-forecast US data took some steam out of expectations for early Federal Reserve stimulus reduction.
The spot price hit its two-month peak on strong buying from China.
Platinum producers also got a boost from the swing to gold.
Impala Platinum, the world's second-largest producer of the precious metal, surged over 7.50 percent to 114.25 rand, making it the biggest gainer on the Top-40.
This was despite a profit warning it issued on Friday which said its full-year earnings fell by around half, hit by poor performance at its Rustenburg mine and after it wrote down the value of some assets.
On a positive note, analysts welcomed the move.
“It is the right time for platinum miners to start impairing assets; we have already seen it among gold producers,” said SBG Securities platinum analyst Justin Froneman in Johannesburg.
AngloGold, Africa's biggest bullion producer, roared 7 percent higher to around 145 rand, the second biggest gainer on the blue-chip index.
Gold Fields, South Africa's second-biggest miner of the yellow metal, closed 4.64 percent higher to 64.50 rand.
The rise in bullion stocks pushed the gold index up 6.15 percent to 1,413.08, its highest close in two months.
More than 130 million shares changed hands, according to preliminary bourse statistics.
Advancers outpaced decliners at 197 to 92, with 56 stocks unchanged. - Reuters