South African Stocks Decline, Led by Anglo American, Anooraq and FirstRand

South Africa’s FTSE/JSE Africa All Share Index lost 304.42, or 1 percent, to 28,960.75 at 12:12 p.m. in Johannesburg.

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

Anglo American Plc (AGL SJ) fell 6.16 rand, or 1.9 percent, to 321.80 rand. BHP Billiton Ltd. (BIL SJ), the world’s largest mining company, declined 2.78 rand, or 1.1 percent, to 248.57 rand. Copper fell for a second day in London as the dollar strengthened and investors judged that a rally to a 20-month high was excessive.

Anooraq Resources Corp (ARQ SJ) dropped for a second day, losing 10 cents or 0.9 percent, to 11.70 rand. The platinum exploration company said its full-year loss widened to C$51.8 million ($51.5 million) in the 12 months through December from C$14 million a year earlier.

Aveng Ltd. (AEG SJ), South Africa’s largest construction and engineering company by market value, retreated 70 cents, or 1.8 percent, to 38.30 rand before a decision by the World Bank over whether to lend Eskom Holdings Ltd. $3.75 billion to help fund expansion. The stock had climbed 4.3 percent in the previous two days. Murray & Roberts Holdings Ltd. (MUR SJ), the second-biggest, fell 76 cents, or 1.6 percent, to 45.85 rand.

“Construction stocks have been rising in the last few days in anticipation of the Eskom loan approval,” said Henre Herselman, a derivatives trader at Nedbank Group Ltd.’s BoE Stockbrokers in Johannesburg. If the loan is not approved it may raise concerns of delays in the building of government funded infrastructure projects, he added.

BSI Steel Ltd. (BSS SJ) rallied 5 cents, or 8.3 percent, to 65 cents, a second day of gains. The steel trader and processor said its fiscal second-half “shows fair improvement,” both compared to its first-half and to the year earlier period.

FirstRand Ltd. (FSR SJ), South Africa’s second-largest banking group, slumped 82 cents, or 4 percent, to 19.67 rand, the biggest intraday retreat in almost seven months. FirstRand Empowerment Trust is seeking to raise about 1.5 billion rand ($204 million) by selling 76 million shares of FirstRand Ltd. at 19.50 rand apiece.

To contact the reporter on this story: Janice Kew in Johannesburg at jkew1@bloomberg.net.

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