South Africa stocks advance

South Africa’s FTSE/JSE Africa All Share Index added 30.43 or 0.1 percent, to 23,943.98 at the close in Johannesburg, bringing its gain to 1.7 percent this week.

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

African Dawn Capital Ltd., gained the most in two months, adding 12 cents, or 8 percent, to 1.62 rand after the company said it was in unspecified talks.

Allied Electronics Corp., the supplier of industrial and communications equipment, retreated 80 cents, or 2.9 percent, to 26.80 rand. Allied Electronics said the slowdown experienced in South Africa’s mining and building industries will continue to hurt its operations, according to a stock exchange filing.

Hulamin Ltd., Africa’s biggest aluminum processor, advanced for the third day, gaining 1.05 rand, or 8.8 percent, to 13.05. Anglo American Plc said July 22 it cut its stake to 17 percent from 44 percent.

“With the orders we have on hand, we know that our production and sales in the second half are going to be comfortably better than in the first half,” Hulamin Chief Executive Officer Alan Fourie said today by phone.

Lonmin Plc, the world’s third-biggest platinum producer, climbed the most in more than a week, adding 8.69 rand, or 5.8 percent, to 158.69. The stock’s recommendation was raised to “neutral” from “sell” at Goldman Sachs Group Inc.

Source: Bloomberg

Leave A Reply

Your email address will not be published.