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RBPlat Falls Record Amount on Block Trade: Johannesburg Mover

Royal Bafokeng Platinum Ltd. slumped by the most ever in Johannesburg trading, reversing yesterday’s record gain, with traders saying an institutional investor was probably behind the sale of more than two million shares in the platinum producer.

Royal Bafokeng fell 13 percent, the steepest drop since it listed in 2010, by the close in Johannesburg. The stock advanced 18 percent yesterday.

The stock’s 30-day historical volatility, a measure of stock swings, jumped to 67.16 from 53.14 the previous day. The FTSE/JSE Africa All Share Index’s 30-day volatility measure was at 12.45 versus 12.47. A higher reading means the price of an asset can move dramatically in a short period. About 2.3 million RBPlat shares traded, about 30 times the average daily volume in the past three months.

“That type of volume would suggest an institutional trade,” Mohil Bandulal, head trader at Sasfin Securities, said by phone from Durban. “What we are seeing, with the labor unrest we have had, some managers are focusing on their mining holdings, and certainly their platinum holdings, and rationalizing these holdings.”

Production at RBPlat’s mines was hampered by labor unrest in the three months through September, the company said in a statement on Oct. 23.

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