South African Equities: Anglo, Billiton, Cadiz, Investec, Sappi
The FTSE/JSE Africa All Share Index entered a so-called correction, falling 918.82, or 3 percent, to 29,601.61 by the 5 p.m. close in Johannesburg, taking its decline since reaching this year’s highest closing level of 33,094.06 on Feb. 14 to 11 percent.
The following were among the most active stocks in the South African market today.
Anglo American Plc (AGL) , the diversified mining company that makes up 10 percent of the benchmark stock index, dropped the lowest in ten months, slumping 13.55 rand, or 4.4 percent, to 295.41 rand. Copper fell to a one-month low in New York on signs that the global economic recovery is stalling, damping the demand outlook for commodities.
BHP Billiton Ltd. (BHP) , the world’s biggest mining group, fell for a ninth day, its longest streak of losses since December 2002, declining 7.96 rand, or 3.4 percent, to 228.12 rand.
Cadiz Holdings Ltd. (CDZ) , owner of a stock broker and money manager, rose the most in four months, adding 20 cents, or 7.1 percent, to 3 rand. The company said it will sell a 60 percent stake in its securities business to BNP Paribas SA for 150 million rand.
Impala Platinum Holdings Ltd. (IMP) , the world’s second- largest producer of the metal, closed at its lowest since October 2009, dropping 3.10 rand, or 1.8 percent, to 165 rand. The group improved its wage offer to South African employees during talks late yesterday and discussions will continue from Aug. 12, the National Union of Mineworkers said.
Investec Plc (INVP) , a private bank and wealth manager with operations in South Africa, Australia and the U.K., closed at its weakest in more than two years, slumping 2 rand, or 4 percent, to 48.10 rand. The bank said it’s in talks to buy British stockbroker Evolution Group Plc, a purchase that would expand its fund management and fixed income operations.
Sappi Ltd. (SAP) , the world’s biggest maker of glossy paper, closed at its lowest in more than 14 months, retreating 1.80 rand, or 6.2 percent, to 27.05 rand. The company reported a loss per share of 13 cents for the third quarter through June, compared with earnings per share of 12 cents in the same period a year earlier.
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