Johannesburg Stock Exchange hits all-time high

STORY: The Johannesburg Stock Exchange hit an all-time high on Monday (January 9) morning.

South African mining and technology stocks the big winners.

That's amid enthusiasm about China reopening its borders and hopes the U.S. Federal Reserve may slow the pace of interest rate hikes.

The all-share index rose as high as 78,450 points while the blue-chip index of top 40 companies also reached an all-time high of 72,411 points.

The mining index rose 2.35% as the prices of basic materials increased.

That's based on hopes that China's economy will rebound after its abandoned the zero-COVID policy that had dampened demand.

Changes in China also helped market heavyweight Naspers which, through its subsidiary Prosus, holds a 27% stake in Chinese tech and gaming giant Tencent.

Naspers, Tencent's biggest investor, jumped 3.92%, while Prosus climbed 3.86%.

Improved risk sentiment also boosted the rand which at 8.55am traded at 17.00 against the dollar, 0.69% stronger than its previous close.