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South African Stocks: Anglo, Amplats, Aveng, AVI, Palabora

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Sept. 5 (Bloomberg) -- The FTSE/JSE Africa All Share Index declined for a second day, dropping 630.78, or 2.1 percent, to 29,888.14 by the 5 p.m. close in Johannesburg.

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

Anglo American Plc (AGL SJ), the mining company that makes up about 9 percent of the benchmark stock index, fell the most in more than two weeks, sliding 9.35 rand, or 3.3 percent, to 273 rand. Copper fell for a third day in London to the lowest price in more than a week on concern slumping economies may reduce demand.

BHP Billiton Ltd. (BIL SJ), the world’s largest mining group, dropped for a third day, declining 2.3 percent to 222.59 rand. The group was downgraded to “hold” from “buy” at Investec by equity analyst Mark Heyhoe, with a 12-month price estimate of 21.74 pounds per share. The shares commenced trading today without the right to its latest dividend.

Anglo American Platinum Ltd. (AMS SJ), the world’s biggest producer of the metal, fell the most in more than 15 months, slumping 30.07 rand, or 5.4 percent, to 528.08 rand. Slowing global growth could lead to less demand for the metal, which is used for pollution-control devices for cars, Leon Esterhuizen, an analyst at RBC Capital Markets, said by phone from London.

AngloGold Ashanti Ltd. (ANG SJ), Africa’s biggest producer of the metal, rose to a two-week high, gaining 6.82 rand, or 2.1 percent, to 328.95 rand. Gold rose above $1,900 an ounce in London as concern about slowing economic growth and Europe’s debt woes spurred demand for a protection of wealth.

Harmony Gold Mining Co. (HAR SJ), Africa’s third-largest gold company, added 50 cents, or 0.5 percent, to 97.25 rand.

Aveng Ltd. (AEG SJ), the country’s largest construction company, advanced for the first time in three days, rising 24 cents, or 0.7 percent, to 33.52 rand. The group said its order book grew 19 percent to 37 billion rand ($5.2 billion).

AVI Ltd. (AVI SJ), South Africa’s third-largest consumer goods company, declined the most in almost two weeks, falling 65 cents, or 2 percent, to 32.10 rand. The company said profit climbed 36 percent in the year through June, missing analyst estimates.

Palabora Mining Co. Ltd. (PAM SJ), a copper producer, closed at its lowest in more than three weeks, declining 3.22 rand, or 2.3 percent, to 139.51 rand. Rio Tinto Group and Anglo American, which together own about three-quarters of Palabora Mining, said they plan to sell their entire holdings in the South African miner as it no longer fits their investment objectives.

To contact the reporter on this story: Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net

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

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