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South African Equities
Article # : platinum197
South African Equities: BHP Billiton, Anglo Platinum, Sanlam
By Janice Kew
June 3 (Bloomberg) -- South Africa’s FTSE/JSE Africa All Share Index lost 455.18, or 1.9 percent, to 23,206.69 at 3:17 p.m. in Johannesburg, heading for its biggest decline in almost two weeks.
The following are among the most active stocks in the South African market today.
BHP Billiton Ltd. (BIL SJ) fell for the first time in four days, slumping 7.69 rand, or 3.7 percent, to 198.02 rand. Anglo American Plc (AGL SJ) dropped 13.50 rand, or 5.4 percent, to 235.50 rand. Copper fell from yesterday’s seven-month high in New York as the dollar strengthened and on mounting concern that prices have outpaced demand.
“Commodity production is still low and share prices have risen too far too fast, with valuations that are quite optimistic on the earnings side,” said Rudi van der Merwe chief investment officer at Standard Bank Group Ltd.’s private bank equity-advisory unit in Johannesburg.
Anglo Platinum Ltd. (AMS SJ), the world’s largest platinum producer, rose 17.96 rand, or 3.1 percent, to 607 rand, bringing its gain in the last four days to 13 percent. The precious metal increased for a fifth day, adding as much as 0.7 percent to $1,256.75 an ounce.
Sanlam Ltd. (SLM SJ) fell 33 cents, or 1.9 percent, to 16.76 rand, heading for its lowest close since May 7. Sanlam said earnings a share excluding some one-time items and accounting adjustments fell 23 percent in the four months through April after declining stock markets cut the value of its investments.
Source: bloomberg.com