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South African Stocks: Harmony, MTN, Truworths, Sasol, Tiger

By Vernon Wessels and Garth Theunissen

Oct. 31 (Bloomberg) -- South Africa's FTSE/JSE Africa All Share Index gained 130.20, or 0.6 percent, to 20,991.72 in Johannesburg. The measure gained 14 percent this week, paring its monthly decline to 12 percent.

The following stocks are among the most active in South African markets today. Symbols are in parentheses.

Finbond Property Finance Ltd. (FPF SJ), South Africa's fifth-largest mortgage originator, gained 23 cents, or 64 percent, to 59 cents, advancing for the first time since Oct. 21. The company said its expansion into small loans not backed by assets will help boost future growth after fiscal first-half revenue almost doubled.

Truworths International Ltd. (TRU SJ), South Africa's largest clothing retailer by market value, added 1.75 rand, or 5.6 percent, to 33.15 rand, a fourth day of gains. Deutsche Bank AG started coverage of Truworths with a ``buy'' recommendation.

Woolworths Holdings Ltd. (WHL SJ), the second-largest clothing retailer, rose 35 cents, or 3.2 percent, to 11.30 rand, the highest in more than three weeks, after Deutsche Bank rated the company ``hold'' in initial coverage.

Foschini Ltd. (FOS SJ), the No. 3 clothing retailer in South Africa, advanced for the fifth day, gaining 2.60 rand, or 7 percent, to 40 rand. Deutsche Bank also rated Foschini ``hold'' in new coverage.

Harmony Gold Mining Co. (HAR SJ), Africa's third-biggest miner of the metal, fell for the first day in five, declining 3.56 rand, or 4.61 percent, to 73.70 rand after first-quarter earnings missed analyst estimates.

Gold for immediate delivery fell as much as 2.1 percent, heading for its worst monthly slump since 1983 as the strengthening dollar curbed demand for the metal as a hedge against weakness in the currency and plunging equity markets spurred investors to raise cash.

Gold Fields Ltd. (GFI SJ), Africa's third-biggest producer, slid 1.05 rand, or 1.5 percent, to 69 rand, snapping a two-day rally.

MTN Group Ltd. (MTN SJ), Africa's largest mobile-phone company, rose for the fifth day, jumping 6.60 rand, or 6.5 percent, to 109 rand. Subscriber numbers grew 9 percent in the quarter ended September from the preceding three months as the Johannesburg-based company added customers in Nigeria and the Middle East.

Sasol Ltd. (SOL SJ), the world's biggest producer of motor- fuel from coal, said it formed a venture with Malaysia's Petroliam Nasional Berhard to explore for hydrocarbons in Mozambique and started drilling this month. Sasol's stock rose 6.25 rand, or 2.2 per percent, to 288.50 rand.

SA Reit Ltd. (SAT SJ), a real-estate fund, gained 3 cents, or 8.6 percent, to 38 cents, climbing for a second day as fiscal full-year net income surged more than tenfold to 44.5 million rand ($4.38 million), boosted by acquisitions.

Tiger Brands Ltd. (TBS SJ), South Africa's largest food company, rose for the fourth day, adding 10.95 rand, or 8.4 percent, to 141.95 rand. The company agreed to sell its majority stake in deep-sea fishing business Sea Harvest Ltd. to investors led by Brimstone Investment Corp. for 541 million rand ($54.5 million).

-- Editors: Andrew Clapham

To contact the reporters on this story: Vernon Wessels in Johannesburg at vwessels@bloomberg.net; Garth Theunissen in Johannesburg gtheunissen@bloomberg.net

Last Updated: October 31, 2008 11:49 EDT

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