Stocks go down for third straight ses­sion

Weekend Argus (Saturday Edition) - - BUSINESS -

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

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