Johannesburg - South African shares edged up slightly on Friday underpinned by investment company Brait [JSE:BAT] that said it would buy a majority stake in British budget clothes retailer New Look.
The African investment heavyweight Brait rose more than 4% to R94.75 after saying it would pay $1.2bn for a 90% of the store.
"It's a lot of money Brait is paying and the UK market is highly competitive," said Wayne McCurrie, fund manager at Momentum.
"But on the bright side it is not as risky as Nigeria, for example, and over time to diversify is actually a logical strategic move."
The blue chip Top-40 index rose 0.2% to 47 935 and the broader All-Share index was up 0.3% to 54 028.
PPC [JSE:PPC] ended 2.7% higher at R17.66 after South African authorities slapped a tariffs of as much as 77.2% on Pakistani cement to curb dumping.
Property companies Capital Property Fund and Fortess Income Fund were some of the top gainers on the All-share index, after adding 5.4% and 7.5% respectively. Fortress plans to acquire Capital.
On the downside, Oceana Group [JSE:OCE] lost the most value at the bourse, dropping more than 14% after posting half-year earnings that were 11% lower.
Anglo American Platinum [JSE:AMS] shaved 2.5% to R310.16 as rating agency Goldman Sachs cut the company's price target by R80.
Trade in the market was above average, with 211 million shares changing hands compared with last year's daily average of 183 million.