South African Stocks Retreat; ArcelorMittal SA, Hosken and Old Mutual Move
Stock Chart for ArcelorMittal South Africa Ltd (ACL)
South Africa’s FTSE/JSE Africa All Share Index declined for a second day, dropping 67.54, or 0.2 percent, to 32,732.69 at 1:32 p.m. in Johannesburg.
The following were among the most active stocks in the South African market today.
ArcelorMittal South Africa Ltd. (ACL SJ), the continent’s largest steelmaker, declined for a third day, falling 1.28 rand, or 1.5 percent, to 84.07 rand. The company posted a fourth- quarter loss excluding one-time items of 495 million rand ($68.5 million), compared with profit of 469 million rand in the same period a year earlier. Full-year earnings excluding one-time items was 3.43 rand a share, missing the 4.45 rand-per-share median estimate of eight analysts surveyed by Bloomberg.
Hosken Consolidated Investments Ltd. (HCI SJ), an investment company, rose for a second day, adding 1.84 cents, or 2.4 percent, to 79.89 rand. HCI said it bought a 33.9 percent stake in South African wine and spirits maker KWV Holdings Ltd. for 274.12 million rand to diversify its earnings base.
Mvelaphanda Resources Ltd. (MVL SJ), a mining investment company, gained the most in a week, surging 95 cents, or 2.5 percent, to 38.65 rand. Mvela said it will spin off its shares in Northam Platinum Ltd. (NHM SJ), which then plans to buy the South African mining investment company. Northam fell 5 cents, or 0.1 percent, to 44.95 rand.
Old Mutual Plc (OML SJ), the U.K.’s third-biggest insurer, advanced for the sixth day, rising 25 cents, or 1.7 percent, to 15.38 rand. The insurer appointed Peter Bain as president and chief executive officer of its U.S.-based international asset management business, Old Mutual Asset Management.
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