Stocks sags as min­ers, banks re­treat af­ter shaky start

Weekend Argus (Saturday Edition) - - BUSINESS -

SOUTH AFRICAN stocks sagged yes­ter­day as min­ers and banks re­treated af­ter a shaky start on Wall Street hit global eq­ui­ties, but Richemont jumped as strong re­sults at Swatch Group buoyed lux­ury firms.

The rand lost ground against a firmer dol­lar, adding to the weaker bias sparked by a sur- prise in­ter­est rate cut on Thurs­day that took some shine off the lo­cal cur­rency’s carry-trade lure.

Gov­ern­ment bonds ral­lied, with in­vestors looking at the pos­si­bil­ity of more rate cuts.

The JSE Top-40 in­dex dipped 0.88 per­cent to 22 431.66 points, a day af­ter it shot up al­most 2 per­cent to a near 10-and-a-half- month high, but un­der­per­form­ing the global emerg­ing eq­uity in­dex, which de­clined 0.61 per­cent.

The All-share in­dex fell 0.78 per­cent to 24 815.77 points.

US stocks fell on the back of weak con­sumer con­fi­dence data and a pro­duc­tion halt at Boe­ing, pres­sur­ing Euro­pean eq­uity mar­kets. Platinum was among the big­gest losers as in­vestors took prof­its.

Di­ver­si­fied min­ers dragged as cop­per fell.

An­glo Platinum slid 3.42 per­cent to R677 while Im­pala Platinum shed 3.3 per­cent to R204 and BHP Bil­li­ton sank 3.16 per­cent to R207.23. – Reuters

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