JSE reverses losses as local company news comes into focus

The JSE reversed earlier losses at midday on Tuesday as investor attention zoned in on local company news.

At 12pm‚ the all share was up 0.29% to 52‚224 points and the blue-chip top 40 index had added 0.18%.

Major indices on the bourse were higher. The platinum index led the charge up‚ rising 4.75%‚ followed by the gold index which climbed 4.23%. The bank index had risen 0.14%.

European shares were flat to firmer at noon. The FTSE 100 was flat with a slightly negative bias while the CAC 40 and the DAX 30 were both up 0.54%.

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In company news on the JSE‚ SABMiller was down 0.97% to R770.48. The brewer on Tuesday reported a fall in second-quarter revenue because of weaker emerging market currencies‚ ahead of next week’s deadline for Anheuser-Busch InBev NV to make a bid for it or walk away. The trading update was originally scheduled for October 15 but was brought forward because of the recent takeover approach from AB InBev NV.

Sibanye Gold announced it had made a cash offer of $294m for the entire issued share capital of Aquarius Platinum. Chairman of Aquarius Sir Nigel Rudd said the board had carefully considered the proposal received from Sibanye.

"The Board ... also took advice from its advisors and engaged with a select number of significant shareholders in the company regarding the proposal and‚ having taken their feedback into account‚ have unanimously recommended the proposal subject to an independent expert determining that the proposal is fair and reasonable and in the best interests of Aquarius’ shareholders and subject to no superior proposal emerging.

"The board is confident that Sibanye will continue its focus on all stakeholders‚ including employees‚ host governments and the communities‚" he said.

Sibanye Gold shares were up 8.53% to R19.46.

Aquarius shares surged 39.41% to R2.37.

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Mediclinic on Tuesday confirmed that discussions were taking place regarding the possible combination of Mediclinic and Al Noor.

Al Noor is the holding company of a private hospital group with operations in the United Arab Emirates. Its shares are listed on the main market of the London stock exchange.

"The possible combination‚ if completed‚ would be implemented through the issue of new Al Noor shares to the shareholders of Mediclinic.

"Al Noor has a proven financial track record of sustained growth and is pursuing a number of attractive opportunities for future expansion. The combined business would be a leading international private healthcare operator with a well-balanced geographic profile in Southern Africa‚ Switzerland and the UAE‚ as well as exposure to the UK market through a minority stake in Spire Healthcare Group plc‚" Mediclinic said.

Mediclinic was up 0.44% to R117.51.

- BDlive