The JSE ended sharply higher, buoyed by rising overseas markets with a strong opening on Wall Street encouraging local investors to push the bourse a few points away from the 29,000 level.
The all share index ended 1.35% higher at 28,988 points. Resources added 1.13%, while the gold and platinum mining indices were up 0.17% and 2.12% respectively. Industrials improved 1.32%, financials picked up 1.86% and banks surged 2.79%.
The rand was bid at 7.16 to the US dollar from 7.23 when the JSE closed yesterday, while gold was quoted at US651.10 a troy ounce from $651.05 at the JSE's last close.
"We opened in positive note with most stocks in a recovery mode after traders overreacted on the downside," said Lavan Gopaul, a trader at Cortex Securities.
He added that a positive opening in New York, after the US released fairly contained producer price inflation, spurred local investors to buy more local stocks. Although the US May PPI rose by 0.9% - above an expected 0.6% increase - Gopaul said while fuel was the major contributor, prices for other items were largely tame.
Fixed line phone operator Telkom (TKG) featured on the upside on vague talks that it might sell its 50% stake in cellular phone operator Vodacom.
Shares in Telkom closed 3.13%, or 5.40 rand, higher at 178 rand.
Business media reported this morning that Telkom and Vodacom were sending out signals that they might part ways.
Cellular phone operator MTN Group (MTN) was up 50 cents to 98.50 rand.
Media group Naspers (NPN) gained 2.65%, or 4.75 rand, to 183.80 rand. It said earlier that it expects core headline earnings per share for the year ended March to be between 25% and 35% higher than last year's restated 714 cents.
On the resources index, Anglo American (AGL) fell 75 cents to 432.75 rand but BHP Billiton (BIL) advanced 1.74%, or 3.30 rand, to a fresh closing high of 192.99 rand. The counter earlier touched a trading high of 193.72 rand.
Junior resource group African Rainbow Minerals (ARI) surged 3.12%, or 4.05 rand, to 134 rand.
Pulp and paper producer Sappi (SAP) climbed 3.45%, or 4.51 rand, to 135.25 rand and synthetic fuels maker Sasol (SOL) picked up 3.47%, or 8.60 rand, to 256.50 rand.
Among gold counters Anglogold Ashanti (ANG) gave up 15 cents to 291.60 rand but Gold Fields (GFI) was up 70 cents to 115.80 rand and Harmony (HAR) inched up 30 cents to 97.30 rand.
Leading platinum stocks also advanced, with Anglo Platinum (AMS) gaining 1.09%, or 13 rand, to 1,202 rand and Impala Platinum soaring 3.09%, or 671 rand, to 224.20 rand.
Industrial investment group Remgro (REM) was up 2.20%, or 3.99 rand, to 184.99 rand, brewer SABMiller (SAB) picked up 2.28 rand to 173.90 rand and Barloworld (BAW) strengthened 2.81%, or 5.50 rand, to 201.50 rand.
Among banks, Standard Bank (SBK) was 3.10%, or 3.20 rand, better at 106.50 rand and Firstrand (FSR) rose 3.22%, or 74 cents, to 23.74 rand.
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