South African miners and exporters will dominate the market this week as traders switch from industrials to benefit from the weakening currency in what is likely to be a quiet period due to public holidays. "I think it will be a quiet, short week between the two public holidays but the rand will be key. There'll be more switching to the likes of Sasol," said Desmond Reilly of PSG Konsult.
Monday and Friday are public holidays for Human Rights day and Good Friday.
Resource stocks and exporters, listed on the Johannesburg Securities Exchange, have benefited from this week's softening of the rand currency against the dollar.
The currency was bashed to a five-week low of 6.14 on Thursday as traders unwound long positions in emerging market currencies boosting the resource dominated bourse to a new all-time high.
A strong rand hurts exporters by shrinking profits made abroad when they are converted back into the local currency.
Some of the biggest gainers were South Africa's biggest gold miner Harmony Gold and its hostile take-over target Gold Fields.
"If (the rand) continues to weaken, index heavyweights like diversified miners BHP Billiton and Anglo American Plc will benefit and that's likely to push the market to new highs, said Reilly.
He said there was still underlying strength in the market.
The JSE's top 40 index of blue chip stocks has gained 8.6 percent so far this year while the all share index surged 7.8 percent.
Both were driven by industrials which inturn were boosted by buoyant domestic demand and record high levels of consumer confidence.
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