Bloomberg News

South Africa Stocks: Aspen Pharmacare, Kaydav, Real Africa Move

December 01, 2011

Dec. 1 (Bloomberg) -- The FTSE/JSE Africa All Share Index declined 63.79, or 0.2 percent, to 32,748.85 by the 5 p.m. close in Johannesburg. The index rose the most in 18 months yesterday, advancing 3.7 percent, lifting November’s gains to 1.4 percent.

Aspen Pharmacare Holdings Ltd. (APN SJ), the largest maker of generic medicines in the southern hemisphere, dropped for the first time in six days, falling 0.6 percent to 96.85 rand. A strike by workers in South Africa during the first half will have a “fairly severe” impact on earnings, Chief Executive Officer Stephen Saad said at the company’s annual meeting of shareholders in Johannesburg today.

Kaydav Group Ltd. (KDV SJ), a wood board distributor and wholesaler, rose to its highest since April 2010, climbing 35 percent to 54 cents. Earnings per share for the year to December will rise by as much as 188 percent, the company said in a trading statement today.

Pick n Pay Stores Ltd. (PIK SJ), South Africa’s second- biggest food retailer, increased for a sixth day, gaining 1.4 percent to 44.16 rand. The company reached an agreement with a labor union to avoid firing workers while allowing a more flexible workforce, it said in a statement today.

Real Africa Holdings Ltd. (RAH SJ), the investment company with interests in gaming and tourism, rose the most in two months, climbing 5.3 percent to 4 rand. Sun International Ltd. (SUI SJ) has offered 4.22 rand per share for the rest of the shares in Real Africa Holdings Ltd. that it doesn’t already own, the companies said in a regulatory filing today. Sun shares retreated 0.6 percent to 85.99 rand.

--Editor: 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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