Mining counters aside — and particularly the precious metal counters — the JSE has had a pretty dismal time since the euphoric days of "Ramaphoria" 18 months ago.

Investors soon realised there was no quick fix to the damage the "lost decade" had wrought on the economy and its finances. A lack of bold initiatives from President Cyril Ramaphosa and factional infighting in the ANC have not helped. It was thus with some surprise that one read of PepsiCo’s R24.4bn bid for Pioneer Foods (PFG) late last month — a 56% premium to the last traded price of PFG ahead of deal speculation.

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