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STOCKS NEWS AFRICA-Pick n Pay surges on new chief executive

Wednesday, 3 Oct 2012 | 7:12 AM ET

STOCKS NEWS Reuters Results diary Stocks on the move Real-time Equity News 1058GMT 03Oct12 - Pick N Pay surges after names new CEO -------------------------------------------------------

Shares of South Africa's Pick n Pay surge nearly 7 percent, becoming the top percentage gainer on the All-share index after the grocer names the former head of Tesco's UK business as its next chief executive.

The appointment of Richard Brasher, a 25-year Tesco veteran, follows a roughly seven-month search for a new chief executive after Pick n Pay's former head stepped down in February, while the company was still in the midst of a restructuring drive.

Brasher, who will start in February 2013, will take over the retailer as it fights to defend market share from domestic rivals, including the local unit of U.S. retailer Wal-Mart .

Reuters Messaging: david.dolan.thomsonreuters.com@reuters.net 0843GMT 03Oct12 - Kumba falls as workers join illegal strikes -------------------------------------------------------------

Shares of Kumba Iron Ore fall more than 2 percent after a union says that workers at the company's Sishen mine in South Africa's Northern Cape province have gone on an illegal strike.

A Kumba spokesman declines to comment but says the company will issue a statement shortly.

Kumba shares are down 2.08 percent at 491.29 rand at 0843 GMT, compared with a 0.13 percent fall in the JSE Top-40 blue-chip index .

Reuters Messaging: agnieszka.flak.thomsonreuters.com@reuters.net

Keywords: MARKETS AFRICA STOCKSNEWS