South African Stocks Index Advances Above 50,000 for First Time
Posted by Bloomberg on 22 May 2014
By Jaco Visser
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.
The 166-member (JALSH) FTSE/JSE Africa All-Share Index rose as much as 0.8 percent to 50,037.05 and traded 0.7 percent higher by 12:46 p.m. in Johannesburg. SABMiller advanced 3.3 percent to a record 590.55 rand after fiscal full-year earnings before interest, tax and amortization met analysts estimates. Business Connexion was the best performer today, rallying 8.4 percent to 64.46 rand as Telkom SA SOC Ltd. offered to pay 6.60 rand a share for the company to expand its cloud-based services.
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