March 9 (Bloomberg) -- MTN Group Ltd., Africa’s largest provider of mobile-phone services, said subscribers rose 22 percent to 141.6 million in the year through December. Net income declined to 14.3 billion rand ($2 billion) from 14.7 billion.
The stock jumped 3.43 rand, or 2.7 percent, to 129.18 rand by 9.30 a.m. in Johannesburg.
WHAT TO WATCH: * The Africa Economic Forum conference takes place in Cape Town. * South Africa’s Reserve Bank to release invitation at about 11 a.m. in Johannesburg for weekly government bond auction that will be held on March 15. * South African Grain Information Services releases weekly deliveries of corn and wheat at 12 p.m. in Johannesburg MARKETS: * The rand weakened 0.4 percent against the dollar to 6.9084 by 9:20 a.m. in Johannesburg. * The FTSE/JSE Africa All-Share Index rose 0.8 percent to 32,100.98 as of 9:20 a.m. * The yield on the 13.5 percent government bond due September 2015, known as the R157, decreased 1 basis point to 7.94 percent. * Gold for immediate delivery was little changed at $1,427.35 an ounce as of 9:25 a.m. Johannesburg time. Platinum advanced 0.3 percent to $1,804.10 an ounce. * The Dow Jones Industrial Average climbed 1 percent to 12,214.38. * The Stoxx Europe 600 Index increased 0.4 percent to 281.81. EQUITY MOVERS: * Gijima Group Ltd. (GIJ SJ): The South African computer- services company reported a loss of 271.8 million rand ($39 million) in the six months ended Dec. 31 from a profit of 85.8 million rand a year earlier. The stock dropped 5 cents, or 6.5 percent, to 72 cents by 9.30 a.m. in Johannesburg. * MMI Holdings Ltd. (MMI SJ): The insurance company formed last year from the merger of Metropolitan Group Ltd. and Momentum Group Ltd. said net income rose to 1.08 billion rand in the six months ended Dec. 31 from 813 million rand a year earlier. MMI surged 1.6 percent to 16.45 rand. * Wesizwe Platinum Ltd. (WEZ SJ): The South African explorer of the metal holds its annual general meeting. Wesizwe is in talks with Jinchuan Group Ltd. for China’s largest platinum producer to buy the company. * RandGold & Exploration Co. (RNG SJ): The South African mining company may report earnings for the year through December.
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