Upbeat trading update lifts Anglo American Platinum's shares
The share price of Anglo American Platinum (Amplats) gained nearly 4% to R354.99 on Friday after it issued an upbeat trading statement.
Amplats said it expected to report on July 23 that its interim headline earnings per share (HEPS) for the six months to end-June would be at least 20% higher than in the matching period.
The platinum miner said the rise in earnings was "due to improved operational delivery across the company and a marginally higher achieved rand basket price".
Parent Anglo American’s share price rose 4.26% to R308.52 on Friday morning.
Fellow Anglo American subsidiary Kumba Iron Ore issued a trading statement on June 25 saying it expected to report on July 24 that its HEPS had declined by at least 20%.
Kumba said it suffered because the rand was stronger against the dollar during the first quarter of 2018. Derailments by Transnet transporting iron ore along the Sishen railway line to Saldanha and lower international commodity prices had also hurt the company.
Anglo American has not yet issued a trading statement, but did say on June 26 that its diamond subsidiary De Beers sold $575m worth of stones during its fifth sales cycle of 2018, up from $554m in the fourth sales cycle and $541m in the fifth sales cycle of 2017.
Anglo America is scheduled to release its second-quarter production report on July 19 and its interim results on July 26.