Adcock in spotlight as JSE rises for third day
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