Anglo shares down on UBS downgrade

Johannesburg - Shares of global mining group Anglo American [JSE:AGL] fell 1.3% after UBS downgraded its rating to "neutral" from "buy" and cut its earnings forecasts, citing country risk and expectations of lower production. 

At 09:10 GMT, shares down 1.27% to R255.71. 

UBS cut its earnings forecasts between 2012 and 2014 for Anglo by up to 40% to reflect expectations of falling platinum and copper production. 

Citing "heightened South Africa risk", it noted concerns stemming from the wave of violent, wildcat strikes that swept South Africa's mining sector this year.