JOHANNESBURG: South African stocks ended higher, helping the broader index notch up a second consecutive record high, as an upbeat tone in major overseas markets boosted sentiment.
Woolworths was among the top gainers, extending gains to the second straight day after posting a double digit earnings growth.
Sasha Naryshkine, a fund manager at Vestact said “We continue to favor Woolies as the best entry into what is now Southern Hemisphere retail”.
Shares in the company, which also operates in Australia, rose 4.4 per cent to 90.50 rand, slightly below a record 90.55 rand set earlier.
Traders took their cue from higher overseas markets after forecast smashing growth data from Germany boosted appetite for risk assets worldwide.
The All share index, the broadest measure of the stock market performance, notched up a record 52,984 before pulling back slightly to at 52,967, up 0.88 per cent. The blue chip Top 40 index gained 0.97 per cent to 46,739.
Spar Group gained 1 per cent to 183.85 rand after the retailer said sales increased 38 per cent in the 17 weeks ended January 24.
Decliners included SABMiller and Naspers, falling 1.5 per cent and 1.2 per cent respectively. Activity was robust with 196 million shares traded, above last year’s daily average of 183 million shares.
