Stocks in South Africa Drop First Day in 3, Led by Gold Fields, Shoprite

The FTSE/JSE Africa All Share Index fell for the first day in three, declining 173.26, or 0.6 percent, to 29,259.86 by the 5 p.m. close in Johannesburg.

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

Cie Financiere Richemont SA (CFR) , a maker of luxury watches, increased for the first day in four, gaining 58 cents, or 1.6 percent, to 37.64 rand. Swiss watch exports rose 21 percent in July from the same month a year ago, according to data supplied by the Federation of the Swiss Watch Industry. Asia accounts for 48 percent of Richemont’s revenue.

Harmony Gold Mining Co. (HAR SJ), Africa’s third-largest gold company, climbed to its highest in a week, adding 1.96 rand, or 2.2 percent, to 92.88 rand. Gold advanced to an all- time high above $1,910 as investors sought to protect their wealth against financial turmoil amid speculation that the global economy is slowing.

DRDGold Ltd. (DRD) , South Africa’s fourth-largest producer of the metal, closed at its highest in 12 weeks, gaining 16 cents, or 4.7 percent, to 3.60 rand.

Eqstra Holdings Ltd. (EQS) , which imports industrial and construction equipment, rose to its highest in more than a month, advancing 34 cents, or 4.8 percent, to 7.43 rand. Headline earnings per share rose to 77.9 cents in the year through June, compared with a 21.7 cents loss per share a year earlier.

Gold Fields Ltd. (GFI) , Africa’s second-biggest gold producer, fell the most in 18 months, dropping 5.40 rand, or 4.3 percent, to 119.25 rand. The company’s 14-day relative strength index, which shows how rapidly prices advanced or dropped during a specified time period, was 72.3 yesterday, its third move above 70 this month. A reading of 70 or above may be a signal to some investors who study technical charts that prices may be set to decline.

Iliad Ltd. (ILA SJ), a producer of building supplies, retreated for a second day, falling 30 cents, or 5.7 percent, to 5 rand. The company reported a loss of 2.12 rand per share for the year through June, compared with earnings of 15.1 cents a year earlier.

Onelogix Group Ltd. (OLG) , a South African logistics company, advanced for the first day in four, gaining 2 cents, or 1.6 percent, to 1.30 rand. Earnings per share rose to 19 cents in the year through May.

Shoprite Holdings Ltd. (SHP) , South Africa’s largest retailer by market value, declined the most in four months, slipping 2.79 rand, or 2.7 percent, to 102.40 rand. The company warned of tougher times ahead and increased competition with the entry of Wal-Mart Stores Inc. to the South African market as it released results for the year to June 30.

Stefanutti Stocks Holdings Ltd. (SSK) , a construction and engineering company, closed at its lowest in more than four months, easing 5 cents, or 0.5 percent, to 10.75 rand. Earnings per share for the six months to Aug. 31 are expected to be 15 percent to 30 percent lower, the company said in a trading statement.

To contact the reporter on this story: Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.