Equity Snapshot

Lonmin workers on wildcat strike: The strike appeared to stem from anger over killing of an organiser from rival union.

Workers at the South African operations of platinum producer Lonmin have gone on a wildcat strike, a spokesman for the National Union of Mineworkers said.

"All operations are down at Lonmin," Lesiba Seshoka told Reuters. The strike appeared to stem from anger over the weekend killing of an organiser from rival union Association of Mineworkers and Construction Union.

Coronation H1 HEPS up 88%: Interim dividend per share of 163 cents. Assets under management of R409 billion. Diluted headline earnings per share of 163.4 cents. Interim dividend per share of 163 cents

Stefanutti Stocks FY HEPS down 163%: No final dividend declared. Revenue R9,4 billion. Operating profit R234 million. Current order book R10,0 billion. Headline (loss)/earnings per share down 163% 

AngloGold to stop paying NUM salaries – Venkat: Shareholders grill Venkat over salaries, safety records and HIV policies. JOHANNESBURG - The payments made by South Africa’s major miners towards the salaries of National Union of Mineworkers (NUM) officials were the subject of a lengthy discussion at the annual general meeting (AGM) of AngloGold Ashanti (JSE:ANG) on Monday, after a shareholder called for an immediate end to the practice. An equity holder of the company told Chairman Tito Mboweni that the principle that the group had to contribute to the salaries of union officials, while shareholders had to suffer the consequences of labour violence and strikes, was unbearable. “Why remunerate those leaders? For what?” the shareholder said. “After 30 years I think they should stand on their own feet.”

Competition penalties hit results in construction sector: Raubex and Stefannuti announce multi-million rand fine provisions.

CAPE TOWN - Slowly but surely a picture is emerging of the penalties the construction sector will have to digest with regard to its collusion in pricing and project allocation over the last number of years. Stefannuti Stocks (JSE:SSK) and Raubex (JSE:RBX) were the latest companies to announce possible penalty figures. Stefanutti advised its investors that the proposed penalty is R323m, roughly 3.9% of its 2012 turnover. Raubex, which released results for the year to February on Monday, announced that it has made a provision of R59m, which equates to 1.1% of its turnover in 2012. Prior to this, Basil Read announced that it had provided for a R75m penalty, which equates to 1.36% of its R5.5bn turnover in 2012.

Life Healthcare H1 HEPS up 20%: Interim cash dividend of 54 cents per share. Paid patient days (PPDs): +1,5% Revenue: +7,0% to R5 638 million. Operating profit: +12,7% to R1 361 million. Normalised earnings per share: +14,5% to 71,3 cents. Interim cash dividend: +20% to 54 cents

Stocks rise, but Amplats at almost eight-year low: Amplats, Implats fall over 5%, Richemont up. JOHANNESBURG - South African stocks gained on Monday as investors sought bargains after two previous sessions of decline, but Anglo American Platinum (JSE:AMS) fell heavily again as the market gave a thumbs down to its revised restructuring plan. The blue-chip Top-40 index rose 0.45% to 35,740.30, while the broader All-share index closed 0.44% higher at 40,407.27. Amplats, the world's top platinum producer, fell sharply for a second straight trading day. On Friday, it said it would cut 6,000 South African mining jobs, fewer than half the 14,000 initially proposed, as it tries to restore profits without provoking a backlash from the government and restive unions.

Telkom appoints Head of Strategy: This enhances the expertise of our leadership team - Maseko. Miriam Altman has been announced as the Head of Strategy of Telkom Group with effect from 1 June 2013. Altman will support the development and execution of Telkom’s strategy and will report directly to the CEO. Dr Altman was an Executive Director at the HSRC from 2002 – 2010, where she played a leading role in its transformation and established its highly influential work on employment. She is a member of the National Planning Commission and will continue to serve on the NPC.

Rand, govt bonds hit by labour tensions: Currency could fall through the year's low of 9.3655. JOHANNESBURG - The rand fell against the dollar and is likely to stay under pressure as the possibility of a violent 'strike season' adds to concerns about South Africa's national accounts deficit. The rand was down 0.53% at 9.1507 to the dollar at 18h37 on Monday, off a 9.0965 close in New York on Friday. It briefly fell to 9.1555 earlier in the session, its weakest level in more than two weeks.

In the short term, investors are wary of a labour union backlash after Anglo American Platinum (JSE:AMS) said last week it would cut 6,000 South African mining jobs, albeit fewer than half the 14,000 initially proposed.

Transnet to shut coal export line for 12 days: To conduct maintenance. JOHANNESBURG - South African logistics group Transnet will suspend the coal export line leading to the Richards Bay terminal for 12 days from May 14 to conduct maintenance, the company said on Monday. Mining companies who use the line to export their coal include Anglo American, BHP Billiton , Exxaro and Xstrata.

Source: 28E Capital (Pty) Ltd