Stocks gained for the second day running on Wednesday with Vodacom among the top gainers on upbeat quarterly results while metal prices boosted miners.

The rand weakened against the dollar but was off a four-month low touched earlier in the week and government bonds gained slightly as improved sentiment around political risk in Egypt helped emerging markets' prospects.

Johannesburg's Top-40 blue-chip index was up 2.27 percent to 29,274.22 and the broader All-share index was 2.04 percent higher at 32,487.61.

We had a strong euro which has helped boost commodity prices and we saw the tensions out in Egypt easing, Devin Shutte, a trader at NEWS Trading said.

In addition we had positive jobs data in the U.S, confirming that the recovery is on track ... so we're upbeat with a bit of nervousness.

Vodacom, boosted by a 5.6 percent quarterly revenue rise, was among the top gainers on the blue chip index, gaining 4.52 percent to 74.50 rand.

Miners also featured on the gainers' list as metal prices cruised higher. Lonmin climbed 4.17 percent to 204.17 rand, Anglo American added 4.45 percent to 375.50 rand while Impala Platinum picked up 2.66 percent to 212 rand.

On the currency front, analysts said negative investor sentiment which helped to plunge the rand to an over four-month low on Monday was decreasing as investors saw less risk generated by protests aimed at the Egyptian presidency.

I think there is some easing (in Egypt) but many risks indeed remain and that's a source of concern for the rand as well, Gabor Ambrus, emerging markets analyst at 4Cast Limited said.

At 1540 GMT the rand was quoted 0.51 percent weaker at 7.1505 to the dollar, from a close of 7.1155 in the New York session on Tuesday.

The rand again has not performed very well, Ambrus said adding 7.10 represented resistance and key support was at the 7.20/7.23 zone for the rand.

Bond dealers said the fixed income market was still very vulnerable to the political instability in Egypt.

Trade is still very skittish and people are reacting more to news headlines than anything else, Richard Farber, a bond trader at World Wide Capital Securities said.

The yields on the 2015 and the 2026 government bonds ended the day lower than Tuesday. The 2015 closed at 7.78 percent from 7.83 percent on Tuesday, and the 2026 issue closed at 8.60 percent from 8.655 percent previously.