* Stocks hit 11-month high
* Naspers up more than 3 pct
* Rand recovers, gains limited
(Adds stocks, quotes, updates levels)
JOHANNESBURG, May 9 Stocks in South Africa hit
an 11-month high on Tuesday, buoyed by Naspers after
the market heavyweight touched a record high, while the rand
recovered against the dollar.
South Africa's biggest firm by market value beat its record
high booked on Monday by more than 3 percent, lifted by the
rising fortunes of China's Tencent Holdings, in which
it holds a major stake.
Shares in the media and e-commerce firm closed 3.13 percent
higher to 2,689.70 rand.
"It looks as if we're making all-time highs on Naspers each
and every week. We've had some very strong potential prospects
coming out of Tencent and that is the underlying reason why
we're seeing Naspers pushing higher," Paul Chakaduka, a trader
at Global Trader said.
China Merchants Securities forecast that Tencent's first
quarter sales would grow 43 percent year-on-year, while its
mobile game revenue was expected to grow 41 percent. Tencent
will release its results on May 17.
The blue-chip JSE Top-40 index was up 1.03 percent
at 47,561 and the broader All-share index gained 0.89
percent to 54,172 points, a level last seen June 2016.
In the foreign exchange market, the rand recovered against
the dollar on but gains were limited as demand for riskier
currencies as well as safe-haven commodities waned.
At 1540 GMT the rand traded at 13.5725 per dollar,
0.28 percent firmer from its overnight close in New York. The
rand has fell to a session low of 13.7100/dollar before staging
"Commodities continue to grind lower, oil and gold
specifically, and this is not helping our currency," Standard
Bank chief currency trader Warrick Butler wrote in a note.
Gold fell on Tuesday to its lowest since mid-March as
France's election of centrist Emmanuel Macron as its next
president reduced demand for bullion as a safe haven.
Oil prices stayed under $50 per barrel as market sentiment
swung between optimism over statements from major oil-producing
countries that supply cuts could be extended into 2018 and
lingering concerns over slowing demand and a rise in U.S. crude
Government bonds weakened, and the yield for the benchmark
instrument due in 2026 rose 6.5 basis points to 8.79
(Reporting by Nqobile Dludla and Olivia Kumwenda-Mtambo;
Editing by Hugh Lawson)