South African Stocks Head For Highest Close Since March 11; Metmar Surges
Stock Chart for Metmar Ltd (MML)
South Africa’s FTSE/JSE Africa All Share Index gained for the third in four days, rising 191.23, or 0.6 percent, to 30,868.31 at the 5 p.m. close in Johannesburg.
The following are among the most active stocks in the South African market today.
Bauba Platinum Ltd. (BAU) , an explorer of platinum group metals, jumped to the highest level since Jan. 14, adding 30 cents, or 14 percent, to 2.50 rand. The company named Grant Pitt as acting chief executive officer and lifted a voluntary suspension of trading on its shares, in force since Feb. 8, the day Pitt’s predecessor quit.
Business Connexion Group (BCX SJ), an information and communications technology company, dropped to the lowest level since December 2009, losing 35 cents, or 6.2 percent, to 5.30 rand. Business Connexion said earnings per share will be 9 cents to 10 cents in the first half through February, compared with 40.1 cents and 40.3 cents in the same period of the previous year.
Metmar Ltd. (MML) , a South African mining investment company, gained the most since Oct. 20, rising 30 cents, or 8.1 percent, to 4 rand. The company said that fiscal full-year earnings per share before one-time items increased by as much as 76 percent in the year ended February, compared with a year earlier.
Metorex Ltd. (MTX) , a copper and cobalt mining company, gained 16 cents, or 3 percent, to 5.50 rand, extending its increase this year to 5 percent. Copper advanced as much as 0.9 percent to $9,483 a metric ton on the London Metal Exchange, rebounding from its biggest drop in more than a week on signs Japan is making progress to avoid a nuclear meltdown, reviving demand prospects for industrial metals.
Pretoria Portland Cement Co. (PPC SJ), a South African maker of the building material, dropped to the lowest level since June 2005, declining 97 cents, or 3.7 percent, to 25 rand. PPC said its first-half “financial results” through March will fall by more than 30 percent.
Uranium One Inc. (UUU) , a Vancouver-based producer of the nuclear fuel, climbed the most since February, jumping 6.01 rand, or 23 percent, to 32.30 rand after saying its option to buy Mantra Resources Ltd. from Rosatom Corp.’s ARMZ Uranium Holding Co. can be extended to two years from one year. The purchase would be for the same price the Rosatom, Russia’s state-owned nuclear company, will pay now, provided Uranium One partially exercises the option, the company said in a statement today.
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