JSE lower after broad-based sell-off

Top movers Graph of the day

FTSE/JSE Africa Index Series

STOCKS ended lower yesterday in a broad-based sell-off that sent the benchmark index to its lowest level in nearly 10 months as weaker metal prices pressured heavily weighted mining shares.

The blue chip JSE Top40 index was down 1.78 percent at 42 422.36 points, a level last seen in February. The broader all share index dropped 1.56 percent to 48 935.9 points.

Mining companies were among the biggest decliners as industrial metal prices such as copper and zinc retreated on concerns prices have strayed into an overbought territory following a surge over the last month.

Anglo American

was the worst performing stock on the Top40 index, skidding 4.54 percent to R205.81, while rival dropped 3.81 percent to close at R226.

Trading volumes were low with 225 million shares changing hands, below last year’s daily average of 296 million shares.

Meanwhile, Wall Street showed slim gains as energy stocks weighed while European stocks were on track for a second day of gains helped by strong German data.

The Dow Jones industrial average was down 0.06 percent to 19 204.85 points in the afternoon, while the Standard & Poor’s 500 had gained 0.05 percent to 2 205.81 points.

BHP Billiton