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Johannesburg - South African stocks ended flat on Monday but platinum producer Lonmin shone as it returned to profit with forecast-beating results.
Johannesburg shares of Lonmin, the world number 3 platinum producer which is also listed in London, ended 5.5% higher at R56.55 after earlier hitting R59.09, its highest level in 18 months, according to Thomson Reuters data.
Last year, Lonmin was at the epicentre of a wave of violent, wildcat strikes which have plagued South Africa's mining sector.
It suffered a loss of almost $700m in 2012 but on Monday reported it had surged back to a pre-tax annual profit of $140m, well above analysts' consensus forecast of $83.9m, according to Thomson Reuters I/B/E/S Estimates.
It still faces a tough round of wage talks.
"This has been a transition year for the company following last year's refinancing. However, the company has yet to settle wages and faces a volatile PGM market and South African rand," Investec analysts said in a note to clients.
"Thankfully the company has a strong balance sheet to help manage unexpected surprises."
On Monday South Africa's Top 40 index ended 0.15% higher at 40 758.33 while the wider All-share index added just 0.02% to finish at 45 488.18.
Both indices remain within easy striking range of recently scaled all-time highs and technical signals suggest they have both moved away from overbought levels, meaning the market could make another record run in coming days.
Decliners outnumbered advancers 171 to 139, according to preliminary bourse data, while trade was relatively brisk with around 191 million shares changing hands.
Johannesburg shares of Lonmin, the world number 3 platinum producer which is also listed in London, ended 5.5% higher at R56.55 after earlier hitting R59.09, its highest level in 18 months, according to Thomson Reuters data.
Last year, Lonmin was at the epicentre of a wave of violent, wildcat strikes which have plagued South Africa's mining sector.
It suffered a loss of almost $700m in 2012 but on Monday reported it had surged back to a pre-tax annual profit of $140m, well above analysts' consensus forecast of $83.9m, according to Thomson Reuters I/B/E/S Estimates.
It still faces a tough round of wage talks.
"This has been a transition year for the company following last year's refinancing. However, the company has yet to settle wages and faces a volatile PGM market and South African rand," Investec analysts said in a note to clients.
"Thankfully the company has a strong balance sheet to help manage unexpected surprises."
On Monday South Africa's Top 40 index ended 0.15% higher at 40 758.33 while the wider All-share index added just 0.02% to finish at 45 488.18.
Both indices remain within easy striking range of recently scaled all-time highs and technical signals suggest they have both moved away from overbought levels, meaning the market could make another record run in coming days.
Decliners outnumbered advancers 171 to 139, according to preliminary bourse data, while trade was relatively brisk with around 191 million shares changing hands.
