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Johannesburg - South African stocks ended a touch higher on Monday, with Famous Brands [JSE:FBR] hitting a record high after the fast-food chain operator said it will buy into a meat processing factory.
Shares of resources companies slid after weak Chinese import data heightened concerns about the demand for commodities.
Famous Brands, the country's biggest burger and pizza chain operator, said it will acquire 75% of Cater Chain for an undisclosed amount to bulk up its supply chain.
READ: Famous Brands bulking up to fight competition
Shares in the company, which is trying to fend off competition from global fast-food chains, scaled a record high of R115.09 before closing 5.2% higher at R113.64, their biggest percentage gain in more than two years.
The deal would help Famous Brands source burger meat for cheaper, analysts said.
"This is where you make the money," said Sasha Naryshkine, an analyst at asset manager Vestact in a note. "Provided of course that the same burger is sold at the same price, to the end consumer. Great move, the market approves."
The blue-chip JSE Top-40 index gained 0.22% to 43 972 and the broader All-Share index edged up 0.17% to R49 590.
Anglo American Platinum [JSE:AMS] was off 1.9% at R343.32 and rival Impala Platinum [JSE:IMP] retreated 1.3% to R77.50.
Data showing China's imports shrank unexpectedly in November fuelled concerns about the demand for commodities and the health of world's second-largest economy.
Sasol [JSE:SOL] fell 2.36% to R417.40 as the price of oil fell to a new five-year low. The world's biggest maker of fuel from coal and gas is sensitive to the oil price because it sells fuel at the same price as crude oil refiners.
More than 209 million shares changed hands, according to preliminary bourse data, well above last year's daily average of 176 million shares.
