South African Stocks: AngloGold Ashanti, Metorex, Paladin Move
April 13, 2011, 12:10 PM EDTBy Sikonathi Mantshantsha
April 13 (Bloomberg) -- The FTSE/JSE Africa All Share Index advanced 113.92, or 0.4 percent, to 32,353.79 at the 5 p.m. close in Johannesburg, rebounding from yesterday’s 1.8 percent slide.
The following were among the most active stocks in the South African market today.
AngloGold Ashanti Ltd. (ANG SJ), the world’s third-largest gold producer, rose to the highest in almost week, gaining 5 rand, or 1.5 percent, to 332 rand. Goldman Sachs Group Inc. analyst Eugene King raised the price estimate on the stock to 405 rand, from 327 rand.
Consolidated Infrastructure Group Ltd. (CIL SJ), a developer of high-voltage electrical substations, jumped the most since March 30, rising 4 cents, or 5.3 percent, to 80 cents. Earnings rose to 46.5 million rand ($6.9 million) in the first half through February, from 41.1 million rand a year earlier, according to a filing with the Johannesburg bourse.
Metorex Ltd. (MTX SJ), a producer of copper, rallied for a third day, climbing 15 cents, or 2.1 percent, to 7.30 rand. Analysts at Fidelity International Ltd. and Metropolitan Asset Managers said Vale SA, the second-largest copper miner, should boost its bid for Metorex by about 35 percent because its $1.1 billion, or 7.35 rand-a-share offer undervalues the company.
Paladin Capital Ltd. (PLD SJ), a private equity company, advanced the most since March 10, gaining 10 cents, or 4.1 percent, to 2.54 rand. The company said profit increased to 355 million rand in the year ended February, from 179.6 million a year earlier.
--Editors: Ana Monteiro, Vernon Wessels.
To contact the reporter on this story: Sikonathi Mantshantsha in Johannesburg at smantshantsh@bloomberg.net
To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net
