South African Stocks Soar to 8-Month High; Anglo, Adcock, Pick n Pay Gain
The FTSE/JSE Africa All Share Index closed at its highest level in eight months, advancing 441.56, or 1.4 percent, to 32,894.11 by the close in Johannesburg. The index climbed 4.6 percent this week, the most since July 2009.
The following were among the most active stocks in the South African market today.
Adcock Ingram Holdings Ltd. (AIP) , a maker of generic medicines, gained 2 percent to 61.2 rand after saying earnings per share for the 12 months through September will be as much as 30 percent higher than the previous year.
Anglo American Plc (AGL) , the mining company that makes up about 9 percent of the benchmark stock index, gained for a third day, climbing 1.6 percent to 309 rand. Analysts at UBS AG recommended buying the shares after visiting the company’s coal operations in Australia.
Anglo American Platinum Ltd. (AMS SJ), the world’s biggest producer of the metal, rose a second day, climbing 2.9 percent to 582.39 rand. Platinum gained for a sixth day.
Chemspec Specialties Ltd. (CSP SJ), a paint seller, rose for the first time in four days, advancing 4.7 percent to 45 cents. The company expects an “improvement” in its losses per- share for the six months to Sept. 30 of as much as 80 percent from a year earlier.
Pick n Pay Stores Ltd. (PIK) , South Africa’s second- biggest food retailer, closed at its highest price in almost three months, adding 2.8 percent to 40.30 rand. The company was raised to “neutral” from “underweight” at JPMorgan Chase & Co., with a 12-month target price of 46.38 rand.
Santova Logistics Ltd. (SNV) , a clearing agent for importers and exporters, rose to its highest in almost five months, adding 14 percent to 8 cents. JSE Ltd. has approved the transfer of the company’s listing to its main board from Nov. 2, it said in a regulatory filing.
Sekunjalo Investments Ltd. (SKJ) , an investment company, rose to the highest since December 2007, climbing 4 percent to 79 cents. Earnings per share for the year to Aug. 31 may reach 5.54 cents, the company said.
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