Bloomberg News

South African Stocks: Anglo, Gold Fields, Harmony, Telkom Move

June 08, 2011

June 8 (Bloomberg) -- The FTSE/JSE Africa All Share Index snapped two days of gains, losing 296.97, or 0.9 percent, to 31,521.33 at the 5 p.m. close of trade in Johannesburg.

The following were among the most active stocks in the South African market today.

Anglo American Plc (AGL SJ), the diversified mining company that makes up 9.9 percent of South Africa’s benchmark stock index, closed at the lowest level since June 3, falling 4.75 rand, or 1.4 percent, to 325.25 rand. Copper slipped for the first time in four days on concern demand may wane as economies struggle to maintain the pace of growth.

AngloGold Ashanti Ltd. (ANG SJ), Africa’s largest producer of the precious metal, dropped to the lowest price since July 27, slipping 9.31 rand, or 3.1 percent, to 289.99 rand. Gold declined in New York as some investors sold the metal after prices this week climbed to a one-month high and near a record.

Harmony Gold Mining Co. (HAR SJ), Africa’s third-largest producer, lost 4.19 rand, or 4.6 percent, to 87.50 rand, the lowest close since March 22. Gold Fields Ltd. (GFI SJ), the second-biggest African gold-mining company, declined for a sixth day, slipping 2.60 rand, or 2.6 percent, to 98.75 rand.

BHP Billiton Plc (BIL SJ), the world’s largest mining company, dropped 5.89 rand, or 2.3 percent, to 254.01 rand. Workers at the company’s Queensland, Australia, coal mines will go on strike for three days next week for the first time in a decade, disrupting production from the world’s largest exporter of the steelmaking material.

Kairos Industrial Holdings Ltd. (KIR SJ), a manufacturer of mining gear, lost 1 cent, or 17 percent, to 5 cents, the lowest since May 31. Kairos said its controlling shareholder will make a 1 cent per share offer to other shareholders and delist the company from the bourse. The company said in a regulatory statement that there is “no ongoing merit in retaining its listing.”

Sanlam Group Ltd. (SLM SJ), the largest South Africa-based insurer, snapped two days of advances, declining 34 cents, or 1.2 percent, to 27.29 rand. Challenging financial and economic conditions remain, the company said in a regulatory filing.

Simmer & Jack Mines Ltd. (SIM SJ), a gold mining company, fell to the lowest since September 2005, losing 5 cents, or 7.6 percent, to 61 cents. The company’s Buffelsfontein unit has raised $25 million through a forward sale of gold to Deutsche Bank AG.

Telkom South Africa Ltd. (TKG SJ), Africa’s largest fixed- line telephone operator, fell 20 cents, or 0.5 percent, to 36.50 rand. A Nigerian court found in favor of Helios Towers Nigeria in a dispute with Telkom’s Multi-Links unit about the validity of a lease contract for which Helios claims it’s owed $252 million.

--Editors: Robert Valpuesta, Linda Shen.

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


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