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Published: Friday 16 August, 2013

michaelkors.com handbags michaelkors.com handbags ´╗┐African stocks at record highs

JOHANNESBURG Reuters South African stocks closed at record highs on Tuesday, undaunted by simmering labour tension in Africas largest economy that caused the rand to plunge to a fouryear low.

The weaker currency boosted mining firms who pay costs in rand and sell products in dollars with bourse heavyweights Anglo American and BHP Billiton adding the most points to the benchmark index.

But some traders said the buying frenzy lacked logic because of the turmoil in the mining industry where labour s michaelkors.com handbags trife has dented platinum and gold output for more than a year ahead of wage negotiations in the next few weeks.

Theres a lot of negativity surrounding these mining companies. This type of buying is normally a precursor to a selloff because theres no real strategy or fundamentals behind it, said Bruno van Eck, a trader at Thebe Securities.

In the latest mine violence, 10 striking South African workers were taken to hospital on Tuesday after being hit by rubber bullets in a clash with security guards at a chrome operation owned by chemicals group Lanxess.

The benchmark JSE Top40 index climbed 2.07 percent to close at a record high of 37,302.58. The wider Allshare index rose 1.79 percent to a lifetime high of 41,815.36.

Anglo American added 4.86 percent to 234.69 rand, making it the biggest percentage gainer on the benchmark index. Rival BHP Billiton was michaelkors.com handbags up 3.68 percent at 286.76 rand.

Investors also picked up exporters such Mondi and Aspen Pharmacare as the rand weakened.

Mondi jumped 1.9 percent to 134.30 rand and generic drug maker Aspen Pharmacare was 1.49 percent higher at 216.62 rand.

On the downside, Growthpoint dropped 4.27 percent to 28.95 rand after the countrys biggest real estate c michaelkors.com handbags ompany said it would issue 2.5 billion rand in new shares. michaelkors.com handbags

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