Trou­bled PPC seals JSE’s fall for sec­ond day

The Star Early Edition - - PRICES - Reuters PPC, Aveng Mur­ray & Roberts Mr Price

STOCKS con­tin­ued to fall yes­ter­day as PPC slid the most in more than a year after re­port­ing flat full-year profit and cut­ting its div­i­dend.

The bench­mark Top40 in­dex de­clined by 0.51 per­cent at 44 802.60 points. The broader all share in­dex slipped 0.28 per­cent to 50 372.05.

which has made news due to a bat­tle be­tween its for­mer chief ex­ec­u­tive and the board, cut its div­i­dend by 27 per­cent. Its shares, which are down 18 per­cent this year, fell 4.23 per­cent to R25.81.

“Their re­sults were worse than ex­pected. The mar­ket also doesn’t like what is go­ing on with the ‘board­room bat­tle’,” Greg Katzenel­len­bo­gen at San­lam Pri­vate Wealth said.

PPC’s de­cline helped send the in­dex of con­struc­tion stocks to its low­est level in more than eight years.

Putting more pres­sure on the sec­tor, last week the com­pe­ti­tion watch­dog said it had ev­i­dence that four build­ing firms had fixed bid­ding prices for sta­di­ums for the 2010 World Cup.

was the big­gest de­cliner, fall­ing 5.14 per­cent to R16.41.

lost 1.8 per­cent to R21.30.

fell for a sec­ond day, los­ing 3.28 per­cent to R236.

Trade was slower than last year’s daily av­er­age of 176 mil­lion shares, with 166 mil­lion shares chang­ing hands.

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