SA stocks hit record highs led by Kumba Iron Ore

Johannesburg - South Africa's stocks hit record highs driven by Kumba Iron Ore on the back of higher prices for the steel-making ingredient.

The All-share index rose 0.92% to 55 188 while the Top-40 index was up 1.15% to 48 965. Both indices notched their biggest weekly jump in almost three months, gaining almost 3%.

Kumba rose nearly 11% after spot iron ore surged as Chinese iron ore futures hit their upward daily limit and posted a second weekly gain, with mills in the world's top ore consumer stepping up buying.

"The three-day streak is definitely on iron ore," said Gary Booysen head of trading at Vunani Private Clients. "Its the Kumba asset rallying that's dragging the rest of them up."

Trade was fairly active, with nearly 210 million shares changing hands. Last year's daily average was 183 million shares.