* Top-40 index barely changed, edges down 0.01 percent
* Amplats boosted by Deutsche Bank report
JOHANNESBURG, March 19 (Reuters) – South African stocks
ended flat on Monday, as banking stocks like Absa
followed European peers down on renewed Greek jitters, while
Anglo American Platinum (Amplats) jumped after Deutsche
Bank said it stood to “unlock significant value.”
The blue-chip Top-40 index was barely changed,
edging down 0.01 percent to 30,395.53. The broader All-share
index ended down 0.02 percent at 34,214.07.
“As we approach the 30,000 level for the Top-40, some tough
support begins to be found but if we start breaking through
30,000 we can start talking levels close to 29,600 in the short
term,” said George Glynos, managing director at financial
consultancy ETM.
He said this was because 30,000 was an area where the index
had brushed previous lows and found support in January and
February.
Amplats, the world’s No. 1 platinum producer and a unit of
Anglo American, led the blue-chip pack on Monday,
gaining 3.20 percent to 566.72 rand.
Deutsche Bank said on Monday in a research note that Anglo
American’s recent announcement that it planned an “operational
review” of Amplats “affords the group an opportunity to
restructure and unlock significant value.”
“We think Amplats can achieve the key goal of mining
companies – earning more off a lower-cost asset base,” it said,
noting that its options included selling four deep-level mines
in the Rustenburg area.
Continued…
