|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||25.98 - 25.98|
|52-week range||12.56 - 29.51|
|Beta (5Y monthly)||1.19|
|PE ratio (TTM)||15.38|
|Forward dividend & yield||0.75 (2.89%)|
|Ex-dividend date||20 Aug 2020|
|1y target est||N/A|
The big shareholder groups in Anglo American plc (LON:AAL) have power over the company. Insiders often own a large...
(Bloomberg) -- South Africa’s main stock index dropped 2.4%, its deepest slump since mid-June, as market behemoth Naspers Ltd. got caught up in a global rotation out of tech shares and as miners retreated.Tech investor Naspers fell 3.9%, the most in almost a month, after partly owned Chinese online giant Tencent Holdings Ltd. led declines in Hong Kong stocks and as the Nasdaq 100 sank as much as 5.4% in New York. Prosus NV, which holds Naspers’s 31% Tencent stake, tumbled 4.8%, the most in more than five months.A rotation away from high-flying tech stocks gained steam on Thursday as investors questioned the sustainability of lofty valuations. Deepening South African power cuts also weighed on sentiment locally, with the state electricity utility already setting a record this year for blackouts, hobbling efforts to revive growth in Africa’s most-industrialized economy.Diversified miners BHP Group Plc, which dropped 4.2%, and Anglo American Plc, down 4.7%, were among the biggest drags on the Johannesburg market amid concerns over the political and logistical hurdles to satisfying the recovery in China’s commodities demand.Banking stocks slipped 2.4% to the lowest in more than three months. Standard Bank Group Ltd. fell 4.1%, Nedbank Group Ltd. lost 3.1%, Investec Ltd. slid 2.4% and FirstRand Ltd. dropped 2.3%. The sector index is down 45% in 2020, heading for a record annual decline.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- De Beers has finally decided to cut the price of its diamonds in a bid to spark sales after the coronavirus pandemic paralyzed the industry.De Beers, the world’s No. 1 producer, told customers that it is cutting prices for larger stones by almost 10% at its sale starting this week, according to people familiar with the situation, who asked not to be identified as the details are private.A spokesman for De Beers declined to comment.The Anglo American Plc unit, along with Russian rival Alrosa PJSC, had previously tried to defend the value of the gems as the pandemic hammered the sector. With jewelry stores closed, cutters and polishers stuck at home and global travel at a standstill, the entire diamond industry ground to a halt.In the second quarter, De Beers and Alrosa sold a combined $130 million in rough diamonds, down from $2.1 billion a year earlier.De Beers lowered the price of rough diamonds bigger than 1 carat, a size that would normally yield a polished gem of about 0.3 carat in size, the people said. The company held the price of smaller stones as there is very little demand for them and lowering prices by a similar amount would be unlikely to spur demand, they said.Before the price cut, De Beers had made major concessions to their normal sales rules -- allowing customers to renege on contracts and view diamonds in alternative locations. Still, smaller rivals were selling at a 25% discount, eating into the company’s market share.The cuts show the company believes there is now demand, albeit at a lower price point. Most big diamond cutters and polishers haven’t bought any material amount of stones since February and their inventories are running low.The ultimate recovery of the industry will depend on consumers returning to jewelry stores. While demand has recovered in China, the U.S. remains the most important market, accounting for nearly half of all sales.(Updates with depleting inventories in penultimate paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.