Shares hit new highs, rand weaker

DOMESTIC share indexes posted record high closes for the second consecutive day yesterday, helped by gains in market heavyweight Lonmin after lenders waived some of its debt covenants.

With the rand slipping after US jobs data, the benchmark JSE Top40 index gained 0.44 percent to 51 010.38 points. The all share index advanced 0.41 percent to end the session at 57 231.87 points.

Lonmin’s lenders have waived some of its debt covenants, allowing the platinum miner to buy the rest of its Pandora joint venture mine, the South African-focused producer said earlier on Friday.

also listed in London, jumped 16.9 percent to R15.15. Another market heavyweight,

also gained. The firm, which has a one-third stake in Hong Kong-listed Tencent, hit a record high and closed 0.9 percent higher at R3 164.69.

On the currency market, the rand drifted lower as US jobs data reinforced the view that the Federal Reserve would raise interest rates before the end of the year. At 5pm on Friday, the rand was bid at R13.7399 to the dollar. – Reuters