Bloomberg News

South African Stocks: Firestone, MTN Group, Remgro, SABMiller

June 22, 2011

June 22 (Bloomberg) -- The FTSE/JSE Africa All Share Index declined 179.01, or 0.6 percent, to 30,792.87 by the 5 p.m. close in Johannesburg, extending its retreat this month to 5.4 percent.

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

AVI Ltd. (AVI SJ), South Africa’s third-largest consumer goods company, gained 56 cents, or 1.9 percent, to 29.86 rand, the highest close in more than a week. Consolidated per share earnings after one-time items for the 12 months to June 30 are expected to increase as much as 33 percent from a year earlier, the company said in a statement.

Firestone Energy Ltd. (FSE SJ), an Australian exploration company with operations in South Africa, sank to the lowest level since at least April 2009, losing 2 cents, or 12 percent, to 15 cents. The company raised $1.7 million in capital by issuing 85.1 million shares.

Imuniti Holdings Ltd. (IMU SJ), a manufacturer of pharmaceutical products, increased 1 cent, or 13 percent, to 9 cents, erasing yesterday’s 11 percent drop. Imuniti intends to seek a dual listing on the Alternative Investment Market in London, the company said in a statement.

MTN Group Ltd. (MTN SJ), Africa’s largest mobile-phone Operator, fell the most in two months, slipping 2.70 rand, or 2 percent, to 134.10 rand. Group revenue improved only “marginally” as a result of the strengthening rand against the dollar, MTN said in a statement.

Remgro Ltd. (REM SJ), a diversified investment holding company, snapped two days of gains, losing 1.84 rand, or 1.7 percent, to 108.75 rand. Remgro has delayed a dividend payment to November as a result of the change in its year-end to June from March, it said in a statement late yesterday.

SABMiller Plc. (SAB SJ), the world’s second-largest brewer by volume, dropped to the lowest level in three months, falling 2.63 rand, or 1.1 percent, to 228.86 rand. Citigroup Inc. cut its recommendation on the stock to “hold” from “buy,” lowering its price estimate to 23.50 pounds from 27 pounds.

Ububele Holdings Ltd. (UBU SJ), an investment group with food and agriculture interests, slipped the most since Feb. 8, losing 5 cents, or 12 percent, to 38 cents. Shareholders are advised to exercise caution when dealing in their shares as the company has entered into price-sensitive talks, Ububele said in a statement.

With assistance Stephen Gunnion in Johannesburg.

--Editors: Ana Monteiro, Peter Branton

To contact the reporter on this story: Sikonathi Mantshantsha in Johannesburg at;

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

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