Sasol shares fell the most in more than a year after the synthetic fuel and chemical maker reported issues throughout its South African operations.
The company that manufactures fuel from coal saw production volumes at its Secunda hub in the three months through March drop 9% from the previous quarter “due to reduced overall equipment availability and operational instability,” Sasol said in a sales update on Tuesday. Volumes for the financial year are expected at between 6.9 and 7.1 million tons, missing guidance of 7-7.3 million tons.
By early afternoon on Tuesday, Sasol was 11% lower at R134.80 - down 42% from a year ago. Over the past five years, shares have lost 72% of their value.