The number of initial public offerings on Johannesburg's stock market in the first quarter accelerated to levels not seen since the global financial crisis - and companies took advantage of the rally. From January to end-March three companies - including Lodestone REIT and printing business Novus Holdings - sold stock.In 2014 there were two IPOs in the first quarter, in 2013 just one, and none in 2012, according to data compiled by the JSE.The previous record was in 2008, when there were five IPOs before April.Anchor Capital chief investment officer Sean Ashton said: "These companies are successfully able to float on the market because there's been a roaring bull market, so if they're a decent company, they're likely to find support."If something is sitting at a 10 price-earnings ratio and the market's at 20, it will find fans."The average price-to-earnings ratio of the companies comprising Johannesburg's benchmark index is 20, according to data compiled by Bloomberg. While the South African economy has slowed and unemployment is almost 25%, consumers have benefited from a drop in petrol and diesel prices and lower inflation, helping boost stocks linked to retail industries.The largest companies on the stock market by capitalisation include SABMiller and BHP Billiton, which are based outside the country and benefit from weakness in the rand. The rand has declined 2.4% against the dollar this year while the stock market has climbed 6.5% and reached a record in February."The JSE bears little resemblance to the economy," Ashton said."South African stocks have started 2015 on a solid note, aided by the recent drop in oil prices," stated Mark Mobius, who oversees about R480-billion as the executive chairman of Templeton Emerging Markets.He added: "While South Africa has been struggling with an electricity crisis that could stunt gross domestic product growth this year, we continue to believe that attractive long-term investment opportunities exist." ..