The Sunday News
JOHANNESBURG – South African stocks ended slightly lower on Friday, snapping a four-day winning streak, dragged down partly by Anglo American Platinum (Amplats) which issued a profit warning.Amplats flagged as much as 55 percent drop in annual profit as it counts the costs of last year’s five-month strike and lower platinum prices.
Shares in the world’s biggest miner of the white metal slid 3,9 percent to 367,79 rand.
“I am interested to see in the results the further action taken with regards to the unprofitable mines to reflect the reality of lower platinum prices,” said Sasha Naryshkine, a fund manager at Vestact.
“We still continue to avoid single commodity stocks, the prospects still look patchy at best.”
Sharp falls in other bourse heavyweights such as Anglo American and BHP Billiton also weighed on the index.
The JSE Top 40 index inched down 0,18 percent to 43,647 points. The All-share index fell 0,11 percent to 49,816 points.
Kumba Iron Ore was down 1,9 percent at 224,32 rand after the mining firm warned that annual profit likely fell by as much as 31 percent.
On the flipside, Aspen Pharmacare climbed 2,6 percent to 434,19 rand after the generic drugmaker said it bought a drug that prevents blood clotting for $142,3 million.
Trade was robust with 203 million shares changing hands, above last year’s daily average of 183 million shares, according to preliminary bourse data. – Reuters
