South32 is expected to accelerate capital-management initiatives once it closes the sale of its aluminum-related assets--excluding the idled Mozal smelter--to Alcoa, Jefferies says. That could include larger share buybacks, according to Jefferies. The bank says it also "can't rule out [the] potential for a more aggressive inorganic growth strategy." Jefferies has a buy rating and A$5.80 target on South32. Shares are up 8.7% at A$4.24. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)