[AFRICA] South African stocks hit all time high despite xenophobic attacks

Shares in Africa’s most-industrialized economy, South Africa rallied to an all-time high, advancing for a fourth week, as mining companies surged.
The rally is mostly driven by commodity stocks and mining in particular as investors react positively to an increase in commodity prices.
Brent crude oil is headed for a third weekly climb and iron ore jumped almost 14 percent this week after BHP Billiton Plc said it was curbing the pace of its expansion by deferring port works in Australia, easing concern of a global glut. London-based Anglo said on Thursday that iron-ore output rose 19 percent, while platinum production increased 50 percent.
The rally also comes on the back of international condemnation of the Xenophobic attacks in South Africa.
Analysts believe the rally may not last long, considering that it is commodity driven.
Source: Bloomberg

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