Resources, financials weigh on bourse

Top movers Graph of the day

FTSE/JSE Africa Index Series

STOCKS ended in the red for the second consecutive day yesterday as resources and financials weighed on the bourse.

The benchmark blue chip JSE Top40 index fell 2.32 percent to 42 975.42 points, while the broader all share index was down 2.19 percent at 48 344.75 points. Mining heavyweights

and were among the losers, both shedding 4.6 percent, declining to R155.37 and R80.61 respectively.

The falling copper price had knocked on to other resource stocks, said Inkunzi Investments trader

Anglo

BHP Billiton American

Petri Redelinghuys.

“It feels like the relief rally in this sector is now over and the bear trend continues,” he said.

closed 4.04 percent higher at R17 after the miner said it would not “shy away” from a merger or takeover but for now the company was focused on its plan to survive tough market conditions.

“We are continuously looking at options to maximise value for our shareholders and all other stakeholders. Should it be of benefit to our shareholders and stakeholders it’ s not something we would shy away from,” the chief executive Ben Magara in an interview at a mining conference in Cape Town.

Lonmin