JSE stocks slide on China worries

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IOL image JSE interior view INDEPENDENT MEDIA The JSE is seen in this file photo: Leon Nicholas.

Johannesburg - South African stocks fell just over 1 percent on Wednesday, as concerns about slowing growth in China hit mining companies such as Assore and African Rainbow Minerals.

Shares of gold producer AngloGold Ashanti bucked the trend, however, gaining 0.7 percent to 203.95 rand after workers at two of its Malian mines delayed the start of a strike.

Global stock indexes fell and some metals hit their lowest in nearly four years, on rising concerns about slowing growth in the world's second-largest economy.

“It's quite a worry. We'll probably see some more weak figures coming out of China and that's going to keep the commodities cycle under pressure,” said Abri du Plessis, chief executive officer at Gryphon Asset Management in Cape Town.

The benchmark Top-40 index fell 1.04 percent to 42,607.46.

The broader All-Share index dropped 0.89 percent to 47,188.84.

Assore, a miner of base metals and minerals, fell 2 percent to 406.82 rand. African Rainbow Minerals, a diversified miner, fell 2.6 percent to 203.50 rand.

Trade was relatively slow, with 168 million shares changing hands.

A total of 179 shares declined, 132 advanced and 51 were unchanged. - Reuters

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