Bloomberg News

South African Stocks: Anglo, Gold Fields, Investec, SABMiller

September 15, 2011

Sept. 15 (Bloomberg) -- The FTSE/JSE Africa All Share Index closed at its highest in two weeks as it rose for a third day, gaining 538.23, or 1.8 percent, to 30,998.05 by the 5 p.m. close in Johannesburg.

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

Anglo American Plc (AGL SJ), the mining company that makes up about 9 percent of the benchmark stock index, closed at its highest in six weeks, advancing 9.45 rand, or 3.3 percent, to 292.50 rand. The group plans to start construction work at its $3 billion Quellaveco copper deposit in Peru next year, country manager Luis Marchese said. Separately, copper rose in New York, rebounding from the lowest close since Nov. 30, as concerns about Europe’s sovereign-debt crisis eased further after the European Central Bank said it will lend dollars to euro-area banks.

BHP Billiton Ltd. (BIL SJ), the world’s largest mining group, climbed for a third day, gaining 5.02 rand, or 2.2 percent, to 233 rand.

Datatec Ltd. (DTC SJ), a Johannesburg-based computer services company, surged to its highest in more than two weeks, adding 61 cents, or 1.6 percent, to 39.06 rand. The company said earnings per share rose to as much as 20 cents in the six months through August compared with 8.8 cents a year earlier. The company plans to pay an interim dividend in addition to a final payout. Separately, HSBC rated Datatec “overweight” with a price estimate of 48 rand in new coverage.

First Uranium Corp. (FUM SJ), a Toronto-based company that mines gold and uranium, closed at its lowest since it started trading on the JSE in April 2007, slumping 15 cents, or 4.9 percent, to 2.94 rand. South Africa postponed the opening of bids for its nuclear power-plant build program to next year because of safety concerns following the meltdown of reactors in Fukushima, Japan, South African Energy Minister Dipuo Peters said. Separately, the company was downgraded to “market perform” from “outperform” at BMO Capital Markets by equity analyst Edward Sterck with a 12-month price estimate of 50 Canadian cents per share.

Gold Fields Ltd. (GFI SJ), the continent’s second-biggest gold producer, fell the most in more than three weeks, declining 1.98 rand, or 1.6 percent, to 123.27 rand. Gold dropped to a two-week low on signs that European banks will have enough cash through year-end, easing concern that the region’s debt crisis will worsen and eroding demand for the metal as an alternative asset.

Harmony Gold Mining Co. (HAR SJ), the continent’s third- largest gold company, dropped 3.04 rand, or 3.2 percent, to 93.02 rand.

Investec Ltd. (INL SJ), a bank and money manager, rose the most in a week, gaining 75 cents, or 1.6 percent, to 48.60 rand. The group said four of its six operating units showed improved performances in the first six months of its financial year.

Old Mutual Plc (OML SJ), South Africa’s largest insurer and the third-biggest insurer in the U.K., closed at a one-week high, adding 27 cents, or 2.1 percent, to 13.40 rand. Skandia Investment Group, Old Mutual’s U.K.-based fund-management division, aims to double the amount of assets its manages worldwide to $30 billion within three years, according to Chief Investment Officer James Millard.

SABMiller Plc (SAB SJ), the world’s second-largest brewer by volume, closed at its highest since at least Jan. 1995, advancing 4.37 rand, or 1.7 percent, to 262.47 rand. The company’s Grolsch unit won a European Union court appeal of a 31.7 million-euro ($43.6 million) fine levied for colluding on beer prices in the Netherlands.

Shoprite Holdings Ltd. (SHP SJ), South Africa’s largest retailer by market value, gained the most in a week, rising 2.26 rand, or 2 percent, to 115.45 rand. The retailer is expanding in Mauritius with the acquisition of two new supermarkets.

--Editor: Gavin Serkin

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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