"We're back where we were before we tumbled on concerns over United States inflation, oil prices, interest rates and the general state of the US economy," Alphen Asset Management's Shaun le Roux told Reuters.
"But I would always be cautious if the market rises as fast as it has done," he added.
The Johannesburg Securities Exchange's top-40 index of blue chips has gained 36 percent so far this year making it one of the best performing markets in the world.
The Johannesburg bourse reached a new high on Thursday led by telecom stocks after British giant Vodafone said it was in talks to buy investment group Venfin's 15 percent stake in Vodacom, and increase its stake to half in a 16 billion rand ($2.42 billion) deal.
Venfin jumped close to 30 percent on the news followed by Vodacom's rival MTN and Telkom which controls the other half of Vodacom. Both jumped by close to 10 percent.
"That's already in the news now and the only other thing that can move the market is further corporate action in the telecoms market - which we think is not likely," Le Roux said. If successful, the Vodafone deal will be one of the biggest foreign investment deals into the country since the demise of apartheid.
Earlier this year banking group Barclays bought a controlling stake Absa in what is South Africa's biggest foreign investment deal.
Cement producer PPC will follow on Wednesday. The group is expected to report diluted headline earnings per share, which exclude capital, non-trading and some extraordinary items, of 16.54 rand from last year's 14.92 rand thanks to a construction boom.
Analysts also expect a handsome dividend from the group, which is 71 percent held by Barloworld while others will be looking for forecasts ahead of the South African government's 165 billion rand infrastructure expenditure.