Exxaro, IPSA, Liberty, Massmart: South African Equity Preview

Feb. 24 (Bloomberg) -- The following is a list of companies whose shares may have unusual price changes in South Africa. Stock symbols are in parentheses after company names and prices are from the last close.

South Africa’s FTSE/JSE Africa All Share Index dropped the most since Jan. 28, falling 512.13, or 1.6 percent, to 31,932.07 at the 5 p.m. close in Johannesburg.

Exxaro Resources Ltd. (EXX SJ): The South African coal-mining company said in a statement that per share earnings jumped 105 percent to 14.95 rand in the year ended December. The share fell 2.11 rand, or 1.4 percent, to 151 rand.

Grindrod Ltd. (GND SJ), Africa’s biggest shipping company, said net income fell 11 percent to 780 million rand ($110 million) in the year ended December, from 872.7 million rand a year earlier. The stock fell 2.7 percent, or 43 cents, to 15.30 rand.

Fortress Income Fund Ltd. (FFA SJ): The property portfolio investor said first-half income through December dropped to 23.7 million rand ($3.3 million), from 148.9 million rand a year earlier. The stock was unchanged at 11.10 rand.

IPSA Plc (IPS SJ): The London-based builder of power stations in southern Africa said it signed a new gas supply contract with Spring Lights Gas (Pty) Ltd. for its Newcastle Cogeneration subsidiary. The contract is conditional upon IPSA giving notice of commencement of supply within 60 days. The stock climbed 19 cents, or 27 percent, to 89 cents.

Liberty Holdings Ltd. (LBH SJ): The insurer owned by Standard Bank Group Ltd., Africa’s largest lender, said full-year earnings a share excluding one-time items and accounting adjustments rose to 907.6 cents from 47.2 cents a year earlier. Liberty Holdings declined 2.10 rand, or 2.7 percent, to 75.40 rand.

Massmart Holdings Ltd. (MSM SJ): South Africa’s largest food and general goods retailer increased first-half profit to 738.5 million rand in the period through December, from 693.7 million rand a year earlier, it said in a statement. Shares in Massmart retreated 1.51 rand, or 1 percent, to 144.99 rand.

Pinnacle Point Group Ltd. (PNG SJ): The property and golf-resorts developer said hearings on a liquidation application brought to the Cape High Court against the company’s subsidiaries by Investec Bank Ltd. have been postponed to June by mutual agreement. Pinnacle dropped 50 percent, or 1 cent, to 1 cent.

Shares or American depositary receipts of the following South African companies closed as follows:

Anglo American Plc (AAUKY US) fell 2 percent to $25.13. AngloGold Ashanti Ltd. (AU US) added 1.5 percent to $48.58. BHP Billiton Ltd. (BBL US) lost 0.1 percent to $76.75. DRDGold Ltd. (DROOY US) gained 5.2 percent to $4.87. Gold Fields Ltd. (GFI US) advanced 2 percent to $17.64. Harmony Gold Mining Co. (HMY US) added 1.6 percent to $11.54. Impala Platinum Holdings (IMPUY US) lost 0.5 percent to $29.05. Sappi Ltd. (SPP US) retreated 2.3 percent $5.09. Sasol Ltd. (SSL US) gained 2.9 percent to $52.90.

To contact the reporter on this story: Sikonathi Mantshantsha in Johannesburg at smantshantsh@bloomberg.net

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