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Johannesburg - South African stocks edged higher on Monday, led by technology group Pinnacle Holdings which surged over 40% after attempted bribery charges against an executive director were dropped.
Pinnacle, whose share price has been hammered this year, was the best performer of the day, adding 43.5% to R14.15. It still remains well off its year high of R24.90.
The Specialised Commercial Crime Unit (SCCU) in March arrested Pinnacle executive director Takalani Tshivhase on charges he allegedly offered a bribe to a senior police officer to win a contract. The company said on Monday the charges had been dropped due to insufficient evidence.
"The move today tells you that ultimately Pinnacle is a very good company," said Ferdi Heyneke, portfolio manager at Afrifocus Securities.
"This was a cloud over them because there was uncertainty but it has always been seen as a very good business."
The benchmark Top-40 index added 0.49% to 46 209, while the All-share index climbed 0.47% to 51 437.
Among decliners, telecoms group MTN lost 1.60% as it traded "ex-dividend", which means its shareholders don't have the right to its latest dividend.
Advancers outnumbered decliners 202 to 115 while volumes were thin with only 95 million shares changing hands because of a bank holiday in London.
