South African Stocks Rally to Record High

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The JSE index advanced 0.7% to surpass the 103,500 threshold, setting a fresh all-time high and extending its winning run to three sessions. The rally was led by industrial metals and mining stocks, with Anglo American jumping more than 8% after announcing it had agreed to acquire Canadian miner Teck Resources in a $20 billion deal. Glencore and Kumba Iron Ore followed with gains of 3.7% and 2.4%, respectively. Gold miners Harmony Gold and AngloGold Ashanti climbed nearly 2% as gold prices hit new record levels. Meanwhile, SPAR Group’s shares surged 5.6% after selling its entire stake in its Swiss unit for around ZAR 1 billion, part of a broad restructuring that has seen it exit several European markets.

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