Industries – Metals & Mining: Third
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Industries – Metals & Mining: Third

Tumbling from first place to third is the Citi team piloted by Johann Steyn.

Johann Steyn

& team

Citi

Tumbling from first place to third is the Citi team piloted by Johann Steyn. The five-strong squad follows 25 stocks and expects to increase that total this year. Last June the Johannesburg-based analysts warned clients away from South Africa’s gold mining outfits, making the case that even though mineral prices were high, investors were unlikely to benefit because companies would allocate extra cash toward capital expenditures. Since then the FTSE/JSE Africa Gold Mining Index has trailed the sector by 28.3 percentage points, through May; AngloGold Ashanti has plunged 40.9 percent, from 30,799 rand to 18,205 rand; and Harmony Gold Mining Co. has plummeted 52.5 percent, from 8,791 rand to 4,179 rand. — Katie Gilbert


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