SA stocks hit lifetime highs

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IOL bus jul6 jse 2 Independent Newspapers File photo: Simphiwe Mbokazi.

Johannesburg - South African stocks scaled fresh lifetime highs on Wednesday as the U.S. Congress passed a bill to end the “fiscal cliff” that had threatened a U.S. recession and roiled world financial markets.

The Top-40 index is up 1.2 percent at 35,241.99 and the All-Share rose over 1 percent to 39,691.39 shortly after the market opened.

Congress provided temporary reprieve by extending lower Bush-era tax rates to all but the nation's wealthiest households in a budget deal that stopped automatic implementation of $600 billion in spending cuts and tax increases. -Reuters

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