South African Stocks Fall For First Time This Week, Led by Coal of Africa
South Africa’s FTSE/JSE Africa All Share Index fell for the first time this week, losing 237.93, or 0.8 percent, to 29,218.11 at 9:51 a.m. in Johannesburg, trimming its weekly advance to 2 percent. The following are among the most active stocks in the South African market today.
Coal of Africa Ltd. (CZA SJ) traded down for the fourth time this week, retreating 56 cents, or 5.9 percent, to 8.99 rand. The mining company said it posted a consolidated operating loss of $101.4 million for the 12 months through June.
Firestone Energy Ltd. (FSE SJ) gained 5 cents, or 20 percent, to 30 cents, its biggest intraday gain in three weeks. The Australian-based mining company said it’s in talks that, if successfully concluded, may have “a material effect” on the price of the company’s shares. Firestone said it has requested a trading halt on its shares until the market opens on Oct. 5 pending the release of details on a “potential transaction”.
Foschini Group Ltd. (TFG SJ) lost 2.69 rand, or 3.2 percent, to 80.30 rand, its first decline this week. South Africa’s third-largest clothing retailer was downgraded to “sell” from “hold” at Investec by equity analyst Kirsty Laschinger.
Rare Holdings Ltd. (RAR SJ) slipped 1 cent, or 2.7 percent, to 36 cents, its third drop in four days. The maker of pipes and valves reported a full-year loss of 58.1 million rand ($8.3 million), compared with a profit of 26.7 million rand a year earlier.
York Timber Holdings Ltd. (YRK SJ) jumped 7 cents, or 1.9 percent, to 3.85 rand, its fourth day of gains this week. The sawmill operator said full-year earnings per share excluding one-time items more than doubled.
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