South African Stocks Fall For First Day in Four, Led by Assore, Woolworths

South Africa’s FTSE/JSE Africa All Share Index fell for the first time in four days, declining 138.28, or 0.5 percent, to 27,840.98 in Johannesburg.

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

Assore Ltd. (ASR SJ) dropped the most since Aug. 25, declining 14.99 rand, or 2.1 percent, to 710 rand. The owner of half of South African manganese producer Assmang Ltd. said net income for the year through June fell 54 percent as sales slumped.

Discovery Holdings Ltd. (DSY SJ) rallied the most since July 22, rising 58 cents, or 1.6 percent, to 36.15 rand. The owner of South Africa’s largest medical-insurance administrator said fiscal full-year profit advanced 42 percent as it increased sales.

Gold Reef Resorts Ltd. (GDF SJ) fell for a third day, declining 23 cents, or 1.4 percent, to 16.87 rand. The hotel and gaming company said first-half profit dropped 23 percent as consumers continued to battle high household debt and municipal and utility prices increased.

Santam Ltd. (SNT SJ) advanced 2.56 rand, or 2.3 percent, to 115.70 rand, the highest close since June 24. The stock’s recommendation was raised to “hold” from “sell” at Investec by equity analyst Mark Salmon. South Africa’s largest property and casualty insurer yesterday posted an increase in first-half profit and declared a special dividend of 5 rand a share.

Woolworths Holdings Ltd. (WHL SJ) retreated for the first time in three days, slumping 42 cents, or 1.7 percent, to 25.03 rand. The food and clothing retailer will end its franchise business in South Africa and offer to buy all the outlets after deciding it was complex and expensive to continue.

To contact the reporter on this story: Mike Cohen in Cape Town at mcohen21@bloomberg.net

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