South Africa's Harmony to start share sale | Calamatta Cuschieri

Markets summary

The Maltese market closed in the green on Wednesday, with the MSE total index ending the session 0.94% higher to 8,304.344 points. There was no negative performance on equity market, while the best performer was Main Street Complex plc with a 9.62% surge, to close at 0.57, followed by 5.10% jump of Plaza Centres plc and a 4.46% rise of International Hotel Investments plc with a closing price of 1.03 and 0.585 respectively.

Stocks in Europe finished sharply lower after the International Monetary Fund slashed its forecast for global economic growth in 2020 and as investors assessed the risks around a possible second wave of Covid-19 infections around the globe. By the end of trading, the benchmark Stoxx 600 fell 2.78% to 357.17, alongside a drop of 2.92% to 4,871.36 for the French Cac-40 while the FTSE Mibtel was down 3.42% at 19,162.98.

US stocks closed sharply lower on Wednesday as market participants digested trade rumours and an ever-increasing number of new Covid-19 cases. At the close, the Dow Jones Industrial Average was down 2.72% at 25,445.94, while the S&P 500 was 2.59% weaker at 3,050.33 and the Nasdaq Composite saw out the session 2.19% softer at 9,909.17.

South Africa's Harmony to start share sale to fund AngloGold deal

Harmony Gold Mining Company, one of South Africa’s biggest gold miners, said it will start its proposed share sale on Wednesday to raise $200 million to part fund its purchase of a rival company’s assets.

Harmony agreed in February to buy rival AngloGold Ashanti’s assets in South Africa, including the world’s deepest gold mine the Mponeng mine, for about $300 million.

After completion, the deal will make Harmony South Africa’s biggest gold producer.

The details of the share sale, which is being done through a placement of ordinary shares, such as the closing date, the price of shares and allocations to investors will be decided in due course, Harmony said in a statement.

 

This article was issued by Nadiia Grech, Junior Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website

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