Thungela Resources, the coal miner spun off from Anglo American, had a rough first trading day on the JSE, plummeting more than 12% from an opening price that was already a disappointment relative to what analysts were predicting ahead of its listing.

After entering the market at R25 a share, the company dropped 12.4% to R21.90 as the market closed on Monday, valuing it at just under R3bn. In London it closed at £1.11, way off the £2.30 to £4.90 valuation predicted by investment bank Liberum Capital...

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