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JSE stocks slide, led lower by miners

Johannesburg - South African stocks were led lower by top tier mining stocks on Tuesday as global gold prices slumped by more than two percent on US dollar strength.

AngloGold Ashanti was the biggest loser in the blue chips index, tumbling 3.78 percent at 184.25 rand, its biggest percentage decline in nearly two months.

The JSE is seen in this file photo: Leon Nicholas. Credit: INDEPENDENT MEDIA

“The resource sector at the moment is not a place you want to be especially given Anglo American Platinum's comments about restructuring their Rustenburg operations,” said Brandon Sacks, a trader at Avior Research.

Anglo American chief executive Mark Cutifani said last week the company could restructure some of its assets in the strike hit Rustenburg operations, north of Johannesburg.

The strike is now its 11th week.

Other miners also suffered with Anglo American down 0.39 percent, Anglo American Platinum losing 1.49 percent and Kumba Iron Ore falling 0.44 percent.

The benchmark Top-40 index fell 0.83 percent at 42,905.65 while the broader All-share index dipped 0.88 percent to 47,789.76.

Brewer SABMiller fell by 2.21 percent to 537.77 rand after the company posted weaker-than-expected results.

Decliners outpaced advancers 209 to 104 with an 58 issues unchanged, according to preliminary bourse data.

Around 181 million shares changed hands. - Reuters

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