AngloGold Plans to Boost Output, Reduce Costs After Second-Quarter Profit

(Bloomberg) -- AngloGold Ashanti Ltd., Africa's
largest gold producer, said it will increase production and
reduce costs after posting a 1.08 billion-rand ($152.3 million)
second-quarter profit.

Net income was 3.85 rand a share, compared with a loss of
150 million rand, or 53 cents, in the first quarter, the
Johannesburg-based company said today in a statement. Chief
Executive Officer Bobby Godsell, 54, also announced his
retirement after almost a decade in his post.


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S.African stocks tumble to 3-week low, miners hit

(Reuters) - South African blue-chip stocks tumbled as much as 2.2 percent to their lowest level in more than three weeks as softer metal prices hit mining stocks and weaker global equities hurt broader sentiment.

The Johannesburg Top-40 index of blue-chip stocks fell 1.98 percent to 25,809.55 points -- its lowest level since July 2. The Johannesburg All-share index slid 1.88 percent to 28,559.50 points.


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Anglo, BHP, Standard Bank pull S.Africa bourse down

(Reuters) - Anglo American led volatile South African shares lower on Wednesday as base metal prices slipped, and the market was further weakened by local interest rate hike concerns and a decline on Wall Street.

The Johannesburg Top-40 index of blue-chip stocks fell 1.77 percent at 26,331.06 points. The broader All-share index dropped 1.64 percent to 29,105.27 points.


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Platinum Futures Rise on Concern of South African Strike; Palladium Gains

(Bloomberg) -- Platinum rose in New York on concern
workers at Johannesburg-based Impala Platinum Holdings Ltd., the
world's second-largest producer of the metal, may strike after
rejecting an increased pay offer. Palladium also gained.

South Africa's National Union of Mineworkers said an Impala
pay offer yesterday was insufficient. Workers want an average
15 percent increase, while the company is offering 7.5 percent to
9 percent pay raises, the union said. Impala ``is not making
substantive moves,'' said Eddie Majadibodu, a union negotiator.


Read more at Bloomberg Commodities News

Sanlam Says Assets to Increase by 23 Percent This Year to $70.3 Billion

(Bloomberg) -- Sanlam Ltd., the second-biggest South
African life insurer, expects assets under management to jump 23
percent this year to 500 billion rand ($70.3 billion), helped by
rising equity markets and new business sales.

The company, based in Cape Town, has already ``passed the
450 billion-rand mark,'' and had 406 billion rand of assets as of
Dec. 31, Chief Executive Officer Johan van Zyl said today at a
conference in Johannesburg.


Read more at Bloomberg Emerging Markets News

Hulamin touches 42 rand on S.Africa bourse debut

(Reuters) - South African semi-fabricated aluminium maker Hulamin made its debut on the Johannesburg bourse on Monday after being spun off from its parent, and briefly hit a high of 42 rand after opening at 32 rand per share.

The stock was at 34 rand at 0924 GMT, while the All-Share index was down 0.8 percent to 28,865.75 points.


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Hulamin Has $694 Million Market Value on South African Stock Market Debut

(Bloomberg) -- Hulamin Ltd., Africa's largest
aluminum processor, began trading at 32 rand a share in
Johannesburg, giving the company a market value of 6.9 billion
rand ($963.9 million).

Hulamin was spun out of Tongaat-Hulett, Africa's second-
largest sugar producer, as part of Anglo American Plc's plan to
focus on mining. Anglo, the world's second-largest mining
company, owns 38 percent of Hulamin.


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Rand little changed vs dollar, seen in ranges

(Reuters) - South Africa's rand barely moved against the dollar late on Tuesday and should drift within present ranges in the short-term, mostly tracking other emerging market currencies and the euro, traders said.

At 1535 GMT the domestic currency was at 7.09 against the dollar, just 0.04 percent off Monday's New York close of 7.0872. It drifted between 7.0765 and 7.1225 during Johannesburg's session.


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Steinhoff shares up after JD Group talks collapse

(Reuters) - Shares in South African household goods maker and retailer Steinhoff rallied over 2 percent on Wednesday after it announced the collapse of talks to take over rival JD Group.

"It seems the market is happy that the takeover talks ended. Steinhoff has come under pressure ever since it announced it was involved with discussions to purchase JD Group," a Johannesburg-based trader said.


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S.African stocks slide on profit taking after gains

(Reuters) - South African stocks slid on Thursday as investors cashed in some gains in stocks like Kumba Iron Ore after a record-breaking bull run.

The Johannesburg Top-40 index of blue-chip stocks closed down 1.08 percent to 25,795.40 points after touching a fresh record peak on Wednesday, while the broader All-share index slipped 0.94 percent to 28,812.94 points.


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Anglo, Angloplats boost S.African stocks

(Reuters) - South African stocks pushed higher on Monday as a weaker rand, firmer base metal prices, a broker upgrade and talk of sector consolidation buoyed miners like Anglo Platinum and Anglo American.

The Johannesburg Top-40 index of blue-chip stocks rose 1.2 percent to 25,679.52 points, while the All-share index climbed 1.1 percent to 28,642.40 points.


Read more at Reuters Africa