Bloomberg News

South African Equities: Anglo, Billiton, Exxaro, Nedbank, Sasol

August 01, 2011

Aug. 1 (Bloomberg) -- The FTSE/JSE Africa All Share Index snapped four days of losses, gaining 49.27 points, or 0.2 percent, to 31,257.31 by the 5 p.m. close in Johannesburg. The index fell 2.1 percent in July.

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 10 percent of the benchmark stock index, closed at its lowest in more than a month, retreating 2.76 rand, or 0.9 percent, to 317.25 rand. Copper fell in New York after manufacturing slowed more than economists estimated in the U.S., the world’s second-biggest user of the metal.

BHP Billiton Ltd. (BIL SJ), the world’s biggest mining group, fell for a sixth day, declining 2.31 rand, or 0.9 percent, to 248.20 rand. A strike at the company’s Escondida copper mine in northern Chile entered an 11th day as workers demand more of the company’s profit, the union said.

Exxaro Resources Ltd. (EXX SJ), the biggest seller of coal to South African power utility Eskom Holdings SOC Ltd., advanced the most in almost two weeks, adding 6.01 rand, or 3.3 percent, to 186.01 rand. Striking employees in the coal industry will return to work after producers agreed to pay increases of as much as 10.5 percent.

Nedbank Group Ltd. (NED SJ), South Africa’s fourth-largest commercial bank, rose the most in more than five weeks, gaining 2 rand, or 1.4 percent, to 142.50 rand. The bank forecast it will beat its full-year earnings target as bad-loan impairment charges improve and transaction revenue increases.

Onelogix Group Ltd. (OLG SJ), a South African logistics company, closed at its highest in almost three weeks, rising 5 cents, or 3.8 percent, to 1.37 rand. Profit excluding one-time items rose 43 percent to 53 percent in the year to May 31, the group said in a trading statement.

Palabora Mining Co. Ltd. (PAM SJ), a copper producer, closed at its highest since May 4, climbing 5 rand, or 3.6 percent, to 143 rand. The company said net income for the six months to June 30 more than doubled to 758 million rand ($112 million) from 306 million rand a year earlier.

Sasol Ltd. (SOL SJ), the world’s largest maker of motor fuel from coal, gained for the first time in a week, adding 4.40 rand, or 1.3 percent, to 340.30 rand. Oil rose as much as 3 percent to $98.60 a barrel after an agreement to raise the U.S.’s debt-ceiling stoked confidence the economic recovery will be sustained and support demand for fuel.

--Editors: Ana Monteiro, 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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