JSE stocks stumble again

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JSEPic INLSA The JSE board in Sandton in Johannesburg. Photo: Leon Nicholas.

Johannesburg - South African stocks fell for a second straight session on Wednesday as global metal prices hit new lows on downbeat data from China, leading mining companies such as Assore and Kumba Iron Ore lower.

Iron ore producers Assore and Kumba fell 1.86 percent to 339.53 rand and 1.41 percent to 342.09 rand respectively.

Data from China, the world's top metal consumer, showed that its daily crude steel output fell in July as mills cut production during the lean summer season, leading iron ore prices to almost three-week lows.

“The resources are under quite a bit of pressure today, we had some poor data from Asia this morning and sparking some growth concerns there,” said Rabi Thithi, a trader at Avior Capital.

The benchmark Top-40 index closed down 0.38 percent at 46,114 while the wider All-share index dipped 0.35 percent to 51,266.

The top blue-chip advancer was media and e-commerce firm Naspers which added 1.15 percent 1,432.42 rand after Tencent, in which it owns over a third, reported higher first-half earnings.

Trade was active with about 185 million shares changing hands, with decliners outpacing advancers, 180 to 126. - Reuters



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