South Africa's benchmark stock index, the FTSE/JSE Africa All Share Index, fell the most since Feb. 5, down 671.66, or 2.2 percent to 29,976.37 at 10.36 a.m. in Johannesburg.
The following are among the most active stocks in the South African market today. Symbols are in parentheses.
AngloGold Ashanti Ltd. (ANG SJ), Africa's largest gold producer, rose for a second day, up 6.45 rand, or 2.4 percent, to 280.50. Gold for immediate delivery advanced to a record, gaining 3 percent to $1032.7 an ounce as the dollar fell after the Federal Reserve cut its discount rate in its first weekend emergency action in almost three decades. DRDGold Ltd. (DRD SJ), South Africa's fourth biggest gold producer climbed for a fifth day, up 32 cents, or 3.4 percent, to 9.75 rand. Harmony Gold Mining Co. (HAR SJ), Africa's third-largest gold miner, gained 1.50 rand, or 1.3 percent, to 116.50, a fifth straight advance. South Africa will review its plans to impose a royalty tax on mining companies following objections from within the industry, Mining Minister Buyelwa Sonjica said.
Enaleni Pharmaceuticals Ltd. (ENL SJ), the generic drug maker fell for a second day, down 20 cents, or 7.1 percent, to 2.60 rand. The company said 2008 would be a challenging year for the South African pharmaceutical industry as regulatory price increases seemed "unlikely'' and the weakening rand would increase costs.
Gold Fields Ltd., (GFI SJ), the continent's second-biggest gold producer, added 2.35 rand, or 1.8 percent, to 134 rand, a fourth day of gains. Mvelaphanda Resources Ltd. will receive 50 million shares of Gold Fields should it exchange its 15 percent stake in the gold producer's South African business for stock in the parent company.