JSE stocks inch to record highs

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IOL image JSE interior view INDEPENDENT MEDIA The JSE is seen in this file photo: Leon Nicholas.

Johannesburg - South African stocks hit a record high for the second straight day on Friday, but gains were limited as investors cashed in recent advancers such as SABMiller and Tiger Brands.

Platinum producer Lonmin jumped 3.8 percent to 45.23 rand, on hopes court-mediated negotiations between platinum companies and striking miners would soon resolve a crippling 17-week strike.

Caution set into the market after the broad All-Share index topped the psychologically important 50,000 level for the second straight day, but failed to sustain it.

The index hit 50,000 for the first time in its 19-year history on Thursday.

“Tiger Brands pushed hard yesterday so we are seeing a little profit-taking today, on the breweries as well. Reality is setting in and we are seeing investors take a little bit off the market,” said Desmond Reilley, a trader at PSG Securities.

“There a lot of guys who are cautious after the market hit 50,000 yesterday,” Reilley added.

The benchmark Top-40 index ticked up 0.12 percent to 44,894.82, while the broader All-Share index also edged up 0.12 percent to 49,952.69.

Johannesburg-listed shares of SABMiller fell 2 percent to 574.89. The world's second-largest brewer surged on Thursday after it announced a new cost-saving target.

Tiger Brands, a maker of cereal and other foods, fell 2.4 percent to 301 rand, after adding 3.1 percent in the previous session.

A total of 178 million shares traded hands, according to preliminary data from the Johannesburg bourse, with 171 shares advancing and 137 declining. - Reuters

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