Wednesday, 12 December 2012 20:35
JOHANNESBURG: South African stocks booked a record closes on Wednesday, extending their run into a third day, as hopes of further US stimulus boosted riskier assets worldwide.
Mining shares topped the gainers' list on the benchmark JSE Top-40 index as metal prices cruised higher with the price of copper at its strongest level in two months.
The stock market has hit a string record highs this year, largely unmoved by a global economic slowdown, US fiscal problems, wildcat strikes at home and the euro zone debt crisis.
"What alternatives do you have to generate returns? We are in a low interest rate environment, cash is cheap and doesn't earn you anything in the bank so everyone is chasing the same asset for decent returns," Nilan Morar, a dealer at Global Trader.
"If you get a stock market that delivers 20 percent or even 15 percent return that's three or five times what you're getting ...