Bloomberg News

South African Stocks: Exxaro, Massmart, Optimum Coal, Telkom

October 17, 2011

Oct. 17 (Bloomberg) -- The FTSE/JSE Africa All Share Index declined, slumping 28.36, or 0.1 percent, to 31,095.23 by the 5 p.m. close in Johannesburg.

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

Exxaro Resources Ltd. (EXX SJ), the coal miner that exports about 42 percent of its production, rose for a second day, adding 2.43 rand, or 1.4 percent, to 179.53 rand. Coal export prices at Richards Bay, South Africa, the continent’s biggest terminal for shipping the fuel, rose for the first week in six, according to data on Bloomberg from researcher IHS McCloskey.

Massmart Holdings Ltd. (MSM SJ), a South African retailer controlled by Wal-Mart Stores Inc., snapped two days of declines after saying sales in the first 14 weeks of the fiscal year climbed 15 percent. The stock gained 1.05 rand, or 0.7 percent, to 147.55 rand.

Optimum Coal Holdings Ltd. (OPT SJ), a coal producer, rose the most in two months, surging 2.89 rand, or 8.5 percent, to 36.90 rand. Piruto BV, a unit of Glencore International Plc, increased its stake in Optimum to 28.46 percent from 25.66 percent, the company said in a stock exchange statement today.

Pinnacle Technology Holdings Ltd. (PNC SJ), a supplier of computer and networking equipment, gained 7 cents, or 0.7 percent to 10.07 rand, the highest closing price on record. Pinnacle agreed to buy the 49 percent it doesn’t own of Explix Business Solutions (Pty.) Ltd. for 3.5 million rand.

PSG Group Ltd. (PSG SJ), an investment holding company focused on the financial sector, increased to its highest in 11 weeks, advancing 56 cents, or 1.2 percent, to 48 rand. The value of the group’s investments rose 12 percent to 52.34 rand per share in the six months to Aug. 31 from the year earlier period, it said in a regulatory filing.

Rare Holdings Ltd. (RAR SJ), which makes pipes and valves, dropped 1 cent, dropped 7.7 percent, to 12 cents, a four-month low, after reporting a loss of 66.9 million rand from continuing operations for the year ended June 30.

Taste Holdings Ltd. (TAS SJ), a restaurant franchise holder, climbed to the highest since May 2007 after saying it’s in talks about buying The Fish & Chip Co, which has more than 160 franchised outlets. The shares surged 10 cents, or 7.1 percent, to 1.50 rand.

Telkom South Africa Ltd. (TKG SJ), the South African fixed- line operator controlled by the government, had its biggest one- day decline in more than two weeks, shedding 83 cents, or 2.5 percent, to 32.02 rand. The Congress of South African Trade Unions, the country’s largest labor federation, said it opposes plans by Telkom to sell a 20-percent stake to KT Corp. of South Korea.

The Spar Group Ltd. (SPP SJ), the South African food and liquor retailer, advanced 1.60 rand, or 1.7 percent, to 97.50 rand. A strike at the group’s KwaZulu-Natal warehouse has not significantly disrupted deliveries to its stores, Business Report said, citing Chief Executive Officer Wayne Hook.

--Editors: Linda Shen, Gavin Serkin

To contact the reporter on this story: Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net Robert Brand in Cape Town at rbrand9@bloomberg.net

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


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