South African Stocks Rise For Second Day; Mustek Drops Most Since May 2009
The FTSE/JSE Africa All Share Index rose for a second day, adding 105.44, or 0.3 percent, to 31,683.47 as of 2:45 p.m. in Johannesburg.
The following were among the most active stocks in the South African market today.
Anglo American Plc (AAL) , the diversified mining company that makes up 11 percent of South Africa’s benchmark stock index, increased for a second day, rising 2.34 rand, or 0.7 percent, to 330.35 rand. Copper, lead and zinc gained on the London Metal Exchange.
BHP Billiton Plc (BIL) , the world’s largest mining company, gained 2.27 rand, or 0.9 percent, to 258.50 rand.
Mustek Ltd. (MST) dropped the most since May 2009, falling 60 cents, or 12 percent, to 4.50 rand. The computer services company said today that it’s withdrawing earlier cautionary statements related to a non-binding 5.55 rand-a-share buyout offer. Chief Executive Officer David Kan led the buyout group, which included Trinitas Private Equity Fund. No reasons were offered for the withdrawal.
Naspers Ltd. (NPN) , Africa’s biggest media company, headed for the strongest closing price in almost three months, rising 5.60 rand, or 1.4 percent, to 405.60 rand. Goldman Sachs Group Inc. gave Naspers a “buy” recommendation in new coverage, with a stock-price estimate of 528 rand.
Sasol Ltd. (SOL) , the world’s biggest maker of motor fuel from coal, snapped six days of losses, gaining 3.55 rand, or 1 percent, to 349.55 rand. Andre de Ruyter, a company executive, estimated that the olefin and surfactant business purchased from German utility RWE AG will have an operating- profit margin of 7 percent to 11 percent of sales, and Sasol doesn’t plan to sell the division, the Financial Times Deutschland reported today.
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