South African Stocks: Anglo, BHP Billiton, Harmony, Jubilee
The FTSE/JSE Africa All Share Index declined 295.56, or 1 percent, to 30,834.39 by the 5 p.m. close in Johannesburg, reducing the week’s gains to 2 percent.
The following were among the most active stocks in the South African market today.
Anglo American Plc (AGL) , the mining company that makes up more than 9 percent of the benchmark stock index, fell for a third day, slipping 6.90 rand, or 2.3 percent, to 287.65 rand. Copper futures fell the most in two weeks on concern that Europe’s sovereign-debt crisis will hamper the economy in China, the world’s top consumer of the metal. Separately, plans by Codelco, the world’s biggest copper company, to exercise an option to buy a 49 percent stake in Anglo American Plc (AAL)’s Chile unit will hamper Anglo’s growth outlook, Liberum Capital Ltd. said.
BHP Billiton Ltd. (BHP) , the world’s largest mining group, dropped 5.70 rand, or 2.4 percent, to 235.30 rand. Coking-coal miners at the company’s operations in Australia rejected a second offer by the company for a new contract and are planning more strikes, extending a four-month dispute over benefits and job security.
Central Rand Gold Ltd. (CRD) , a South African producer of the metal, closed at its highest in more than two weeks, gaining 1 cent, or 20 percent, to 6 cents. Ferreira Estate and Investment Co., the registered holder of Central Rand Gold Ltd.’s mining right, started urgent motion proceedings in a South African High Court to set aside the mines minister’s decision to cancel the mining right.
Harmony Gold Mining Co. (HAR SJ), the continent’s third- largest gold company, declined for the first time in four days, sliding 1.90 rand, or 2 percent, to 95.45 rand. Gold fell for the second time this week in New York as gains in the dollar curbed demand for the precious metal as an alternative asset.
DRDGold Ltd. (DRD) , South Africa’s fourth-biggest producer of the metal, slid 5 cents, or 1.2 percent, to 4.30 rand. Separately, the company’s Blyvoor mine reached a wage agreement with the National Union of Mineworkers that will see pay increase by between 6 percent and 7 percent, the union said in an e-mailed statement today.
Jubilee Platinum Plc (JLP) fell 6 cents, or 3.7 percent, to 1.58 rand. The platinum miner with operations in five countries including South Africa raised 4.4 million pounds ($6.9 million) through the placement of new shares.
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