The South African market is seeing good time today, as it has been revealed that the FTSE/JSE Africa All Share Index moved up by 1.5% to 29,869.88 by 9:55 a. m. in Johannesburg.

Perhaps the rally got a major push from Anglo American Plc, the mining company which accounts for 9% of the benchmark stock index. It was reported that the mining company faced a record gain in the past two weeks with a jump of 2.3 %, or 6.12 rand, to 278.12 rand. Even the world’s biggest mining group, BHP Billiton Ltd was seen pushed by 2.6% to 233.50 rand.

Moreover, South Africa’s fourth-largest producer of the metal, DRDGold Ltd experienced a high by 14 cents, or 3.9 % to 3.75 rand as gold production has moved up by 10% to 265,179 ounces in the year ended on June 2011.

Further, the world’s largest maker of motor fuel from coal, Sasol Ltd was seen moving up by 1.5% to 313.56 rand while Industrial services company, Bidvest, claimed to have a 8.5% rise in diluted headline earnings per share to
1,153.9 cents for the year ended June 2011.

It’s being believed that the existing market conditions in South Africa have iron out global challenges that have left global markets across the world in lurch.