Global growth fears end bourse rally

Top movers Graph of the day

FTSE/JSE Africa Index Series

STOCKS reversed three consecutive days of gains, as a rally in world shares paused in the face of renewed concerns about the threat of slowing global growth.

The benchmark Top40 index shed 1.19 percent to 47 241.76 points, while the wider all share index fell 1.01 percent 52 757.6 points.

Gold producers bucked the trend as the precious metal’s price hit threemonth highs with traders betting that the Federal Reserve will postpone an expected US interest rate hike beyond the end of the year.

Harmony Gold,

which last week said it expected quarterly production to rise by up to 10 percent, was the best performer on the bourse, adding 8.51 percent to R10.33. Rival

climbed 3.95 percent to close at R21.82.

Gold

AngloGold American

Lonmin

R732.

at

SABMiller,

Ashanti

& Warehousing,

0.35 percent at R8.45.

Sibanye

gained 2.24 percent to R129.84.

But mining shares were mixed after a strong run last week.

fell 5.02 percent to R139.83, while shed 10.16 percent to end the day at R7.25. Other decliners included

down 2.86 percent R5.10, and takeover target

which lost 2.41 percent to

Anglo

Distribution

Sovereign Food Investments

lost