South African Equities Fall for Second Day as Sasol Drops; Arcelor Climbs
South Africa’s FTSE/JSE Africa All Share Index fell for a second day, dropping 94.22, or 0.3 percent, to 28,367.26 at the close in Johannesburg.
Trading closed one hour late at 6 p.m. local time yesterday following a six-hour stoppage that resulted from technical problems.
The following were among the most active stocks in the South African market today.
ArcelorMittal South Africa Ltd. (ACL SJ), a unit of the world’s largest steel producer, advanced for a seventh day, rising 1.80 rand, or 2.1 percent, to 86.30 rand. That’s the longest series of gains since December 2007. The company posted a first-half profit of 1.78 billion rand ($242.6 million) compared to a year-earlier loss of 848 million rand, according to a stock exchange statement.
BHP Billiton Plc (BIL SJ), the world’s largest diversified mining company, rose 2.41 rand, or 1.1 percent, to 228.90 rand. Copper climbed to the highest price since mid-May on speculation that economic growth will be resilient in China and the U.S., the world’s biggest metal users.
Gold Fields Ltd. (GFI SJ), Africa’s second-largest producer of the metal, snapped two days of declines, climbing 1.40 rand, or 1.5 percent, to 96.30 rand. Gold rose in New York as the lowest prices in almost three months spurred demand.
Gold One International Ltd. (GDO SJ), a miner of the precious metal, rallied 9 cents, or 5.5 percent, to 1.74 rand. That’s the biggest increase since May 14. The company said it produced a monthly record 5,981 ounces of gold at a record low cost of $434 an ounce in June, according to a stock exchange filing.
Sasol Ltd. (SOL SJ), the world’s biggest maker of motor fuel from coal, fell 6 rand, or 2 percent, to 288.50 rand, following two days of increases. Oil retreated as much as 2.1 percent to $75.90 a barrel in New York, extending declines after a U.S. government report showed an unexpected advance in inventories.
Wesizwe Platinum Ltd. (WEZ SJ), which explores for the precious metal, gained 4 cents, or 2.3 percent, to 1.80 rand. Platinum rose as much as 0.5 percent to $1,545.50 an ounce.
To contact the reporter on this story: Garth Theunissen in Johannesburg gtheunissen@bloomberg.net
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