Bloomberg News

South African Equities: ArcelorMittal, DRDGold, Lonmin Move

July 27, 2011

July 27 (Bloomberg) -- The FTSE/JSE Africa All Share Index fell to its lowest close in a month, losing 274.74, or 0.9 percent, to 31,593.99 by the 5 p.m. close in Johannesburg.

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

ArcelorMittal South Africa Ltd. (ACL SJ), Africa’s largest steelmaker, plunged to its lowest since March 2009, declining 4.45 rand, or 6 percent, to 69.75 rand. Third-quarter earnings are expected to be “substantially lower” than the previous three months, the group said in its interim report for the six months to June 30.

DRDGold Ltd. (DRD SJ), South Africa’s fourth-largest producer of the metal, gained the most in a week, rising 3 cents, or 1 percent, to 3.20 rand. Gold climbed to a record of $1,628.05 an ounce as investors sought to protect their wealth against the possibility of a U.S. default that may come as soon as next week.

Lonmin Plc (LON SJ), the world’s third-largest platinum producer, advanced the most in two weeks, adding 1.43 rand, or 1 percent, to 144.43 rand. Credit Suisse Group AG raised the stock to “neutral” from “underperform.”

--Editors: John Kohut, Linda Shen.

To contact the reporter on this story: Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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