South Africa index
Johannesburg’s
All-share stock index hit a record high on Monday, helped by a rise in
some resource-related companies such as BHP Billiton.
Stocks in Africa’s biggest economy have been helped by investor appetite for commodities and emerging market equities.
The All-share, the
broadest measure of South African stock performance, touched 33,334.55
in early trade, surpassing a previous high of 33,309.82 set in May 2008.
“I don’t think it
will go aggressively higher from here in the short term. Normally what
happens if you get a market that tests an all-time high, it won’t bust
through it and move up higher,” said Andrew Todd, a trader at Imara SP
Reid.
“It normally pulls back a bit and consolidates for a couple of days, or even a couple of weeks,” he added.
The benchmark Top-40
index of blue chips was up 0.61 per cent at 29,994.56 after earlier
hitting 30,195.81, its highest since June 2008.
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