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Johannesburg - South African stocks rose for the third straight day on Friday, largely unfazed by the death of Nelson Mandela.
Mandela, a symbol of racial reconciliation and political compromise, died at 95 late on Thursday from a recurring lung illness, worrying some that simmering social tensions may threaten Africa's largest economy.
But his death has had little impact so far on the Johannesburg stock market, which stopped trading for five minutes in remembrance on Friday.
"The market just brushed it aside," said David Shapiro, 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 JSE Top-40 index ended 0.8% higher at 39 905.22 and the broader All-Share index was up 0.7% at 44 616.21.
Takeover target Adcock Ingram was in the spotlight again after local bidder Bidvest upped its stake in the drugmaker to nearly 7 percent and increasing its chance of blocking a Chilean takeover of the company.
Adcock rose 1.8% to R72. A total of 4.25 million Adcock shares had changed hands, according to preliminary bourse data, the most active day of trading for the stock since early April.
Bidvest, which is in the middle of a R4bn offer to increase its stake in Adcock to just over a third, was 2.4% higher at R258.86.
Trade was active, with just 172 million shares changing hands according to preliminary bourse data. Advancers outnumbered decliners, 158 to 125, with 65 shares unchanged.
Mandela, a symbol of racial reconciliation and political compromise, died at 95 late on Thursday from a recurring lung illness, worrying some that simmering social tensions may threaten Africa's largest economy.
But his death has had little impact so far on the Johannesburg stock market, which stopped trading for five minutes in remembrance on Friday.
"The market just brushed it aside," said David Shapiro, 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 JSE Top-40 index ended 0.8% higher at 39 905.22 and the broader All-Share index was up 0.7% at 44 616.21.
Takeover target Adcock Ingram was in the spotlight again after local bidder Bidvest upped its stake in the drugmaker to nearly 7 percent and increasing its chance of blocking a Chilean takeover of the company.
Adcock rose 1.8% to R72. A total of 4.25 million Adcock shares had changed hands, according to preliminary bourse data, the most active day of trading for the stock since early April.
Bidvest, which is in the middle of a R4bn offer to increase its stake in Adcock to just over a third, was 2.4% higher at R258.86.
Trade was active, with just 172 million shares changing hands according to preliminary bourse data. Advancers outnumbered decliners, 158 to 125, with 65 shares unchanged.
