Bloomberg News

South Africa Stocks: Jubilee, Harmony, Metorex, Sasol, Telkom

June 17, 2011

June 17 (Bloomberg) -- The FTSE/JSE Africa All Share Index dropped 331.26, or 1.1 percent, to 30,669.26 by 5 p.m. in Johannesburg, its lowest close since March 16. The index fell 1.6 percent this week, its third consecutive weekly decline.

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

Jubilee Platinum Plc (JBL SJ), (JBL SJ) fell the most since July 2009, declining 44 cents, or 14 percent, to 2.75 rand. The mineral exploration company, which on May 20 revealed that it had received an approach and held talks on a possible offer for the company, today said both parties ended merger discussions due to market conditions.

Metorex Ltd. (MTX SJ), a copper producer, closed at its highest level since Oct. 17, 2008, jumping 36 cents, or 4.9 percent, to 7.66 rand. The company, already a $1.1 billion takeover target for Brazil’s Vale SA, has received another unsolicited approach from another party, it said in a regulatory statement today.

Sasol Ltd. (SOL SJ), the world’s biggest maker of motor fuel from coal, decreased for a second day, declining 5.12 rand, or 1.5 percent, to 345.88 rand. Oil fell as much as 3 percent to $92.12 a barrel.

Telkom SA Ltd. (TKG SJ), Africa’s largest fixed-line phone operator closed at its lowest level since Feb. 15, slipping 1.45 rand, or 4 percent, to 34.50 rand. Avior Research Ltd. cut its recommendation to “sell,” according to a note e-mailed to clients today. The assessment was reduced from “hold,” according to data compiled by Bloomberg.

--Editors: Stephen Kirkland, Gavin Serkin

To contact the reporters on this story: Sikonathi Mantshantsha in Johannesburg at; Mike Cohen in Cape Town at

To contact the editor responsible for this story: Gavin Serkin at

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