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STOCKS NEWS AFRICA-SAfrica's Pick n Pay falls, sees lower profit

Friday, 5 Oct 2012 | 8:43 AM ET

STOCKS NEWS Reuters Results diary Stocks on the move Real-time Equity News 1226GMT 05Oct12 - S.Africa's Pick n Pay plunges, sees lower profit ------------------------------------------------------------------

Shares in Pick n Pay fall more than 6 percent as the South African food retailer says first-half profit likely declined by as much as 40 percent due to intensified competition and poor availability of stock from suppliers.

Pick n Pay, which named former UK head of Tesco, Richard Brasher, as its new chief executive this week, is down 6.16 percent at 43.99 rand.

Reuters Messaging: tiisetso.motsoeneng.thomsonreuters.com@reuters.net 1115GMT 05Oct12 - South African miners surge on bargain hunting ------------------------------------------------------------

Shares of Anglo American and other resource companies lead the gainers on the benchmark index as investors chase bargains in a sector battered in recent days by a wave of wildcat strikes.

A weaker rand and higher metal prices add to bullish sentiment as South African mining companies benefit from a weaker rand because they sell commodities for dollars but pay most costs in rand.

Anglo shares rise 3.25 percent to 257.81 rand while shares in platinum producers add more than 2 percent even as labour unrest continues to close operations.

Harmony Gold is 2.3 percent higher at 68.44 rand and AngloGold Ashanti adds 2 percent to 290.54 rand as the weaker rand and higher dollar gold price push bullion priced in rand to record levels.

Reuters Messaging: sherilee.lakmidas.thomsonreuters.com@reuters.net

Keywords: MARKETS AFRICA STOCKSNEWS