S.African blue-chips hit 3-month high;rand softens

JOHANNESBURG Jan 6 (Reuters) - South African blue-chips raced to a 3 month high on Tuesday as stimulus plans buoyed global equities and stronger copper prices spurred BHP Billiton and Anglo American, while the rand weakened against the dollar.

Notching up its 6th straight session of gains, the Johannesburg Top-40 index of blue-chip stocks .JTOPI rose 3.08 percent to 20,825.09 points, its highest level since early October.

The All-share index .JALSH rose 2.76 percent to 22,919.76 points.

"This rally is led by resources -- helped by copper and oil -- but it's broad-based, and that's encouraging," said Andrew Todd, a trader at BOE Private Clients.

The rand ZAR=D3 was trading at 9.36 to the dollar at 1535 GMT, 0.75 percent weaker than its last close of 9.29.

Dealers said a proposed bail out plan for the U.S. economy by President-elect Barack Obama was supporting the dollar.

"The interpretation is that if the bailout plan comes, the U.S. will be in a better position to recover in 2009 than Europe," said Tapiwa Karoro, dealer at Global Trader.

The dollar hit a three-week high against the euro, which was hurt by more signs of economic woes in the euro zone that could prompt its central bank to cut interest rates further.

Local stocks took their cue from equities in Europe and the United States, which rose on plans for fresh government efforts to prop up economies and as stronger oil prices boosted energy stocks.