Stocks go down for third straight session
STOCKS extended losses into a third straight session yesterday, weighed down by bullion producers such as AngloGold Ashanti and Sibanye Gold, which continued to struggle with worries about labour strife.
Retailers also took a hit, with Massmart at its lowest close in nine months after poor results from Truworths continued to spark worries about weakening consumer demand.
Investors are concerned about the ongoing wage dispute between unions and gold producers, fearing it could lead to labour unrest.
The Top- 40 index fell 0.6 percent to 36 026.19, while the broader All-Share index was down 0.59 percent to 40 497.81.
AngloGold Ashanti fell 4.2 percent to R131.29, the biggest decliner on the Top-40. Sibanye Gold skidded 6.64 percent to R8.15, the biggest decliner on the All-Share.
Shoprite fell 2.36 percent to R165, its lowest close in nearly seven weeks. Smaller rival Massmart was down 2.83 percent to R165 rand, its lowest close in nine months. Truworths ended 0.37 percent lower at R81.17.
Retailers have enjoyed several years of strong growth in revenue. – Reuters