|
Johannesburg — Sharp falls in Anglo American and Gold Fields pushed the FTSE/JSE Top40 index 1.7 percent lower yesterday to 11 103.43. Anglo American fell as local investors sold the company’s Johannesburg-listed stock, not needing the share in their portfolios after it was deleted from a key index by index compiler MSCI. A trader said: «You are also seeing Anglo suffering a hangover from … a couple of broker downgrades late last week.» Anglo shares ended R4.99 lower at R133. Shares in Gold Fields, which is fighting a hostile takeover bid from rival Harmony and faces a key vote on a planned merger with Canada’s Iamgold today, fell R3.25 to close at R77.65 as hedge funds unwound their positions in the stock, believing that Harmony’s bid would not succeed. Gold Fields won the backing of major shareholder Sanlam Investment Management yesterday for its planned merger with Iamgold. Harmony shares ended 0.82 percent lower at R60.50. Among a handful of gainers, South Africa’s biggest bank by assets, Standard Bank, rose 0.53 percent to R58.80. The country’s biggest media group, Naspers, rose 1.16 percent. Shares in retail holding firm Metoz Holdings closed 53c higher at R2.48 after an A$1.1 billion (R4.96 billion) offer for the group’s main asset. The stock soared following an offer to buy Metoz’s 60.3 percent stake in Australia’s Metcash Trading. Metcash has proposed a restructuring under which Metoz shareholders would receive about R2.65 in cash for each Metoz share they hold. The restructuring emerged in an announcement by Metcash yesterday when it launched an A$846 million bid for the Australian arm of rival Foodland Associated, aiming to cement its position as the nation’s third-largest food and liquor chain.
Click / START NOW! / for opening the new account at Bet On Markets. |
See also:
Bet On Markets > Bets/News/Articles/Security/Account/Cashier/About |
