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South African Stocks: Anglo, Glenrand, Steinhoff, Merafe Move

South Africa’s FTSE/JSE Africa All Share Index snapped six days of gains, falling 152.22, or 0.5 percent, to 31,617.66 at the 5 p.m. close in Johannesburg.

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

Anglo Platinum Ltd. (AMS SJ), Africa’s largest producer of the metal, fell the most since Aug. 31, sliding 18.11 rand, or

2.6 percent, to 692.76 rand. Anglo American Plc (AGL SJ), the diversified miner that owns a majority stake in Anglo Platinum, weakened for the second day, losing 7.34 rand, or 2.2 percent, to 326.15 rand.

Glenrand MIB Ltd. (GMB SJ), an insurance broker, climbed to the highest level since May 2006, advancing 10 cents, or 5.6 percent, to 1.90 rand. AON Corp., a U.S. insurance services company, has made a firm offer to acquire all the shares in Glenrand for 2 rand a share, according to a joint regulatory statement issued by both companies today.

Merafe Resources Ltd. (MRF SJ), a South African ferrochrome producer, strengthened for the second day, adding 2 cents, or

1.3 percent, to 1.59 rand. India’s ferrochrome exports to countries including China and Japan, Merafe’s major markets, may drop by a third in the next four years, according to Indian Metals & Ferro Alloys Ltd.

Real Africa Holdings Ltd. (RAH SJ), an investment company with interests in gaming and tourism, rose to the highest level since April, adding 15 cents, or 4.5 percent, to 3.5 rand. Real Africa said in a statement late yesterday that talks between its major shareholders, Grand Parade Investments Ltd. and Sun International Ltd., may affect its share price.

Steinhoff International Holdings Ltd. (SHF SJ), Africa’s largest furniture manufacturer, rose to the highest level since May 2007, gaining 1 rand, or 4.4 percent, to 23.6 rand. The company said it is in talks to acquire European furniture and household goods retailer Conforama for 1.2 billion euros ($1.6 billion) in cash.

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