Stocks at 6-week low as rand loses ground

Weekend Argus (Saturday Edition) - - BUSINESS -

SOUTH African stocks stum­bled for a fourth ses­sion to touch a six-week low yes­ter­day, tracking global mar­kets down as in­vestors cut risk on China’s moves to cool its econ­omy and US plans to limit risk-tak­ing.

The rand also lost ground as com­modi­ties prices dipped, while gover nment bonds weak­ened ahead of next week’s in­ter­est rate de­ci­sion.

The JSE Top-40 in­dex of blue chips de­clined 1.59 per­cent to 24 428.41 points, its low­est close since De­cem­ber 10 last year, while the All-share in­dex lost 1.55 per­cent to 27 063.24 points.

Platinum stocks were among the big­gest tum­blers. The Jo­han­nes­burg platinum in­dex lost 2.12 per­cent, led by An­glo Platinum drop­ping 3.73 per­cent to R752.36 and Lon­min, the world’s third big­gest platinum pro­ducer, shed­ding 3.41 per­cent to R225.

The rand was trad­ing at 7.6345 to the dol­lar at 1540 GMT.

On the bourse, Gold Fields was down 3.50 per­cent to R92.25 and Har­mony Gold shed 0.54 per­cent to R74.25.

In­ter­est rate sen­si­tive stocks also dropped ahead of the rates de­ci­sion. – Reuters

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