South African Stocks Fall For First Day in Seven: Cashbuild, Harmony Climb
The FTSE/JSE Africa All Share Index (JALSH) declined for the first time in seven days, falling 0.6 percent to 33,733.46 by the 5 p.m. close in Johannesburg. The index gained 3.4 percent to a record in the previous six trading days.
The following were among the most active equities in the South African market today. Stock symbols follow company names.
Cashbuild Ltd. (CSB) , a distributor of building materials, gained for the first day in five after saying revenue rose 9 percent in the three months ending Dec. 31. The shares advanced 1.7 percent to 117 rand.
Ellies Holdings Ltd. (ELI) , a maker of satellite television antennas, declined the most in more than four months as it increased debt and said net asset value was lower than the market share price after a 12-month surge. The shares slumped 7.4 percent to 2.75 rand.
FirstRand Ltd. (FSR) , South Africa’s second-largest banking group, fell for the first time in six days, sliding 0.8 percent to 22.66 rand. Citigroup Inc. downgraded the stock to “neutral” from “buy,” with its 12-month price estimate maintained at 24.70 rand.
Harmony Gold Mining Co. Ltd. (HAR) , South Africa’s third-biggest producer, advanced 1.2 percent to 93.50 rand, a second day of gains. UBS AG upgraded the stock to “buy” from “neutral.”
Hosken Consolidated Investments Ltd. (HCI) , a South African investment company with stakes in businesses from casinos to television, declined after saying it won’t increase its offer for KWV Holdings Ltd., the country’s second-largest wine and spirits producer. The shares dropped 0.8 percent to 83.45 rand.
Pinnacle Technology Holdings Ltd. (PNC) , a supplier of computer and networking equipment, climbed to a record after saying earnings per share for the six months through December increased by at least 56 percent. The shares rose 2.5 percent to 12.70 rand, the highest since at least April 1996, when Bloomberg started compiling data.
Old Mutual Plc (OML) , South Africa’s largest insurer, declined for the first time in three days, slipping 1.2 percent to 18.13 rand. Old Mutual will combine its wealth management operations in France and Italy with the Skandia Retail Europe business unit, according to the company.
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