Adcock in spot­light as JSE rises for third day

Weekend Argus (Saturday Edition) - - BUSINESS -

SOUTH African stocks rose for the third con­sec­u­tive day on Fri­day, largely un­fazed by the death of Nel­son Man­dela.

Man­dela’s death has had lit­tle im­pact so far on the JSE, which stopped trad­ing for five min­utes in re­mem­brance on Fri­day.

“The mar­ket just brushed it aside,” said David Shapiro, the deputy chair­man of Sasfin Se­cu­ri­ties.

“The mar­ket is go­ing up be­cause peo­ple be­lieve we’re go­ing to have a much stronger econ­omy next year which should off­set the im­pact of ta­per­ing,” he said, re­fer­ring to the like­li­hood that the US will scale back its mas­sive stim­u­lus pro­gramme.

The blue-chip Top40 in­dex ended 0.8 per­cent higher at 39 905.22 and the broader all share in­dex was up 0.7 per­cent at 44 616.21.

Takeover tar­get Adcock In­gram was in the spot­light again af­ter lo­cal bid­der Bid­vest upped its stake in the drug maker to nearly 7 per­cent, in­creas­ing its chance of block­ing a Chilean takeover of the com­pany.

Adcock rose 1.77 per­cent to R72. A to­tal of 4.25 mil­lion Adcock shares had changed hands, the most ac­tive day of trad­ing for the stock since early April. Bid­vest was 2.4 per­cent higher at R258.86. Trade was ac­tive, with 172 mil­lion shares chang­ing hands. – Reuters

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