Slip in fi­nan­cial shares causes SA stocks fall

Weekend Argus (Saturday Edition) - - BUSINESS -

SOUTH African stocks ended lower yes­ter­day with fi­nan­cial shares slip­ping on views the US Fed­eral Re­serve would slow down a mone­tary eas­ing pro­gramme that has boosted emerg­ing mar­ket as­sets.

US data re­leased on Thurs­day painted a pos­i­tive pic­ture for em­ploy­ment and fac­tory pro­duc­tion in the world’s big­gest econ­omy, sig­nalling strength that could lead the Fed­eral Re­serve to slow down the stim­u­lus.

Losses cut across the bench­mark Top-40 In­dex, which fell 1.54 per­cent to 36 029.71. The broader All-share in­dex was down 1.45 per­cent to 40 549.40.

“Banks, retailers and those kinds of stocks are ob­vi­ously go­ing to come un­der quite a lot of pres­sure,” said Bruno van Eck, a se­nior sales trader at Thebe Stock­broking.

San­lam fell 4.09 per­cent to R46.89, while Bidvest ended down 3.37 per­cent to R244.

Capitec Bank shed 0.51 per­cent to R184.04, post­ing its largest weekly loss in 10 months.

The big­gest de­cliner on the Top-40 in­dex was Kumba Iron Ore , which slipped 4.27 per­cent to R447.50. Stocks that bucked the trend in­cluded Har­mony Gold, which rose 1.39 per­cent to R34.30 af­ter the bul­lion pro­ducer said its June quar­ter gold out­put was likely to be 10 to 12 per­cent higher than in the pre­vi­ous quar­ter. – Reuters

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.