South African Stocks Fall, Paring First Monthly Gain in Four; Absa Drops

South Africa’s FTSE/JSE Africa All Share Index dropped 194.86, or 0.7 percent, to 28,355.21 as of the 5 p.m. in Johannesburg, paring its first monthly gain in four to 8 percent. That’s the biggest monthly advance in a year.

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

Absa Group Ltd. (ASA SJ), the bank controlled by Barclays Plc, fell the most since June 7, declining 2.85 rand, or 2.1 percent, to 136 rand. First-half earnings per share excluding one-time items dropped as much as 5 percent, the Johannesburg- based lender said in a stock exchange filing.

Gold Fields Ltd. (GFI SJ), Africa’s second-largest gold producer, advanced for a third day, gaining 1.55 rand, or 1.6 percent, to 98.35 rand. Bullion prices climbed as much as 1 percent to $1,176.45 an ounce, a third straight day of gains.

Simmer & Jack Mines Ltd. (SIM SJ), which also produces the precious metal, rose for a third day, gaining 4 cents, or 3.9 percent, to 1.06 rand.

Investec Ltd. (INL SJ), a private bank and wealth manager, fell 1.49 rand, or 2.4 percent, to 59.51 rand, the biggest slide since June 30. The bank said impairments remained at “elevated levels” in the three months through June.

Old Mutual Plc (OML SJ), the biggest insurer in Africa, retreated the most since July 19, declining 20 cents, or 1.4 percent, to 14 rand. The stock was downgraded to “hold” from “buy” by Investec Ltd. equity analyst Mark Salmon.

Sasol Ltd. (SOL SJ), the world’s biggest maker of motor fuel from coal, dropped 5 rand, or 1.7 percent, to 289 rand, paring yesterday’s 1.9 percent increase. Oil prices sank as much as 2 percent to $76.83 a barrel.

To contact the reporters on this story: Garth Theunissen in Johannesburg gtheunissen@bloomberg.net; Mike Cohen in Cape Town at mcohen21@bloomberg.net.

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