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Published On: Wed, Sep 10th, 2014

South African Anglogold Ashanti shares drop 16%

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U.S.-listed shares of South African gold miner AngloGold Ashanti Ltd (AU.N) were among the biggest percentage decliners on the New York Stock Exchange Wednesday after it announced a $2.1 billion rights issue and plans to spin off its non-South African assets in a new British-based company.

The stock was down 16 percent and was on track for its biggest daily percentage decline since 2008.

Shares of other overseas producers were lower as well, including South Africa’s Gold Fields (GFI.N), down 3.5 percent. Shares of Brazilian miner Vale (VALE.N) was down 1.9 percent while shares of BHP Billiton (BHP.N) were down 0.9 percent.

The declines were weighing on the broader ADR market. The BNY Mellon index of leading ADRs .BKADR was down 0.1 percent. (Reuters)

 

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