Wednesday, 08 January 2014 10:08

PPC falls to September 2013 low on profit taking

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Shares of PPC fall more than 6% in early trade as investors move to book profits on the counter.

PPC CementShares of Pretoria Portland Cement (PPC) fell more than 6% in early trade on Monday as investors moved to book profits on the counter.

A local analyst said the drop‚ which saw Africa's largest cement maker tumble to its worst level since September 19 2013‚ had been exaggerated amid thin trading volumes‚ with most players still on leave from the festive holidays.

Other construction counters that came under pressure on Monday include Esorfranki (ESR)‚ which slumped 5.41% to 70c and Wilson Bailey Holmes Ovcon (WBHO)‚ which relinquished 2.33% to R141.72.

At 11.30am‚ PPC was down 6.03% to R29.60‚ valuing the company at R17.919bn.

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