JSE stocks snap two-day winning streak

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

Johannesburg - South African stocks ended slightly lower on Wednesday, snapping a two-day winning streak, as miners came under pressure from a stronger rand and faltering metal prices.

The benchmark JSE Top-40 index was down 0.27 percent at 46,351 and the broader All-share index inched down 0.23 percent to 51,610.

“The rand is little firmer and the price of iron ore continues to pull back and that is keeping diversified miners under some pressure,” said Rabi Thithi, a trader at Avior Research.

The rand, whose strength puts pressure on dollar-denominated earnings at mining companies, firmed for the second straight day while iron ore hit its lowest in nearly two years as a rise in supply outstripped demand from China.

Iron ore producer Kumba Iron Ore lost 1.3 percent to 329.30 rand while rival Assore lost 1.1 percent to 324.52 rand and African Rainbow Minerals retreated 0.75 percent to 184.61 rand.

In earnings news, Imperial Holdings gained as investors cheered a dividend payout even after the transport firm posted a fall in full-year profit.

Shares in the company were up 1 percent at 197.15 rand, reversing losses suffered early in the session.

Discovery climbed 1.9 percent to 100 rand after the insurer flagged as much as 50 percent surge in full-year earnings.

Trade was robust with 206 million shares changing owners, well above last year's daily average of about 176 million shares. - Reuters

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines