South African Stocks Hit Fresh Record High, Gains Seen Extending

Surging metal prices and a strengthening rand helped propel South Africa’s benchmark stock index to a record high on Monday, with investors expecting the rally to run further.

The FTSE/JSE Africa All Share Index jumped more than 1%, bringing its gain this year to 6.8%. Precious metals and mining stocks led the advance as gold passed $5,000 an ounce for the first time. Platinum and silver also reached record highs.