South Africa’s benchmark stocks index rose above 50,000 for the first time, led by SABMiller Plc, the world’s second-biggest brewer, and Business Connexion Group, a computer-services company targeted for a takeover.
South African stocks advanced and were poised for the biggest weekly gain in a month, led by SABMiller Plc , the world’s second-largest brewer by volume, which reported earnings that beat analysts’ estimates.
Cipla Medpro South Africa Ltd. rose the most in a month as the generic drugmaker said distribution pacts remain intact after Chief Executive Officer Jerome Smith resigned before a disciplinary hearing scheduled for today.
Pick n Pay Stores Ltd., a South African supermarket chain, fell to the lowest in more than two years in Johannesburg trading after first-half profit as much as halved following investments in a loyalty program and distribution systems.
Clicks Group Ltd., a South African beauty and pharmaceutical retailer, climbed the most in almost seven months as food and drug retailers continued to recover from an early-year slump driven by slower consumer spending.