South African stocks, others rise

South African stocks, others rise

 

South Africa's FTSE/JSE Africa All Share Index rose for a third day, adding 103.68, or 0.4 per cent, to 27,998.87 in Johannesburg.

 

 

Kenya's All-Share Index rose for a third day, adding 0.1 per cent to 58.39 in Nairobi. Mauritius's SEMDEX Index closed 0.6 per cent higher at 1,670.33. Namibia's FTSE/Namibia Overall Index rose 0.2 per cent to 784.23 in the capital, Windhoek. Harmony Gold Mining Co. (HAR SJ), climbed 2.03 rand, or 2.65 per cent, to 78.49 rand, the highest since December 15.

 

 

UBS AG raised its recommendation on Africa's third-largest producer of the metal to "neutral" from "sell" after the share price failed to advance in line with the gold price in the last three months of 2009.

 

 

Mvelaphanda Resources Limited, the South African minerals explorer, rose 3.60 rand, or 7.4 per cent, to 52.00 rand, its highest price since July 2008, after Web site Miningmx yesterday reported Eurasian Natural Resources Corp. may buy the company, without citing anyone.

 

 

Northam Platinum Limited, which is 62.8 per cent owned by Mvelaphanda, gained 3.05 rand, or 6.4 per cent, to 51.00 rand, its highest price since September 2008. SABMiller Plc dropped 5.25 rand, or 2.4 per cent, to 213.75 rand, its biggest decline since August 17.

 

 

Strikes at SABMiller's South African soft-drinks unit may spread to the company's larger beer operations unless a dispute over pay and working hours is settled by tomorrow, according to a labor union.  Sasol Limited, the world's biggest maker of motor fuel from coal, gained for a third day, adding 2.15 rand, or 0.7 per cent, to 305.50 rand.

 

 

Crude traded at its highest intraday price since October 21 in New York as freezing weather in the U.S., the largest energy consumer, and improving global economies bolstered the outlook for fuel demand. 

 

 

(Source: Guardian)


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