South African Stocks: Absa, Anglo, Investec, JD Group, Lewis

January 27, 2012, 7:24 AM EST

By Stephen Gunnion

Jan. 27 (Bloomberg) — The FTSE/JSE Africa All Share Index declined 0.1 percent to 34,018.79 by 12:29 p.m. in Johannesburg, paring this week’s gain to 0.9 percent. The index advanced 1.3 percent to close at a record yesterday.

The following are among the most active equities in the South African market today. Stock symbols follow company names.

Absa Group Ltd. (ASA SJ), the South African bank controlled by Barclays Plc, gained for a second day, adding 0.5 percent to 149.21 rand. The lender denied a report by the Johannesburg- based Sowetan newspaper that it will cut more than 1,000 jobs at its computer-services division.

Anglo American Plc (AGL SJ), the diversified miner that accounts for 9 percent of the benchmark index, slipped 1.4 percent to 332.40 rand, its first fall in three days. The stock was downgraded to “equalweight” from “overweight” at Barclays Capital.

Investec Plc (INP SJ), which owns a bank and money manager in South Africa and the U.K., slid for the first time in three days, dropping 0.5 percent to 47.42 rand. The bank’s Irish unit will buy a majority interest in Neontar Ltd. for 4.35 million euros ($5.7 million) plus the net asset value of Neontar as at completion.

JD Group Ltd. (JDG SJ), a South African furniture retailer, fell for a second day, sliding 2 percent to 48.50 rand. The stock was cut to “neutral” from “buy” at Citigroup Inc.

Lewis Group Ltd. (LEW SJ), a South African furniture and electrical-goods retailer, advanced for a third day, climbing 0.8 percent to 75.60 rand. Revenue for the quarter ended Dec. 31 rose 7.7 percent and debt collections continued to improve, the company said in a trading update.

–Editors: Linda Shen, Peter Branton

To contact the reporter on this story: Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net;

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

Article source: http://www.businessweek.com/news/2012-01-27/south-african-stocks-absa-anglo-investec-jd-group-lewis.html

Category: News