By Janice Kew
Nov. 10 (Bloomberg) -- South Africa’s FTSE/JSE Africa All Share Index rose for a third day, adding 30.92, or 0.1 percent, to 26,375.93 at the close in Johannesburg.
The following are among the most active stocks in the South African market today.
Absa Group Ltd. (ASA SJ) climbed 2.54 rand, or 2.1 percent, to 125.04 rand, its highest since Oct. 29. The lender was raised to “hold” from “sell” at Deutsche Bank AG.
Anglo American Plc (AGL SJ), the diversified mining company that accounts for 10 percent of the benchmark index by weighting, fell 6.06 rand, or 2 percent, to 301.40 rand. Copper prices slid as much as 1.1 percent to $6,470 a metric ton in London.
DRDGold Ltd. (DRD SJ) lost 25 cents, or 5.8 percent, to 4.05 rand, extending yesterday’s 11 percent slump. The producer of the precious metal said it will apply for a judicial management order to save its Blyvooruitzicht mine from liquidation.
FirstRand Ltd. (FSR SJ) climbed 32 cents, or 1.9 percent, to 17.50 rand. Deutsche Bank AG raised South Africa’s second- largest bank’s price estimate to 18 rand, from 16.50 rand. FristRand remains the brokerage’s top pick among the nation’s top lenders, Johannesburg-based analysts Voyt Krzychylkiewicz and Nicole Penny wrote in a research report today.
Mazor Group Ltd. (MZR SJ) advanced 12 cents, or 4.3 percent, to 2.90 rand, its steepest climb since Oct. 30. The supplier of steel and aluminum doors and windows said first-half net income rose to 32.2 million rand ($4.3 million) from 25.4 million a year earlier.
Vodacom Group Ltd. (VOD SJ) added 1.48 rand, or 2.9 percent, to 53.50 rand, after two days of declines. The largest provider of mobile-phone services to South Africans was raised to “buy” from “neutral” at UBS AG. The stock, which has an “attractive” valuation, may rise if consumer spending increases and once the government clarifies its stance on getting Vodacom and rival MTN Group Ltd. to cut interconnection fees, UBS said.
MTN and Vodacom have proposed to immediately cut South African interconnection fees by 19 percent after being ordered by the nation’s government to slash charges.
Vox Telecom Ltd. (VOX SJ), the internet-services and software-development company, rose 3 cents, or 7.7 percent, to 42 cents. The company said earnings per share in the 12 months through Aug. 31 will be between 40 percent and 50 percent higher than the 3.78 rand reported a year ago, according to a stock exchange statement.
To contact the reporter on this story: Janice Kew in Johannesburg at jkew1@bloomberg.net.
Last Updated: November 10, 2009 10:30 EST
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