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JSE edges lower as platinum shares fall

Johannesburg - South African stocks fell for the second straight session on Tuesday, with platinum mining shares giving up some of the previous day's gains as investors sized up the cost of a wage deal that ended a crippling five-month strike.

After hitting several record highs in recent weeks, traders also said the main stock indices were vulnerable to some technical selling pressure.

The JSE Top-40 index ended down 0.4% at 45 871 and the broader All-share index lost 0.33% to 50 890.

"For the moment there is no evidence of trend reversal, but at current levels some marginal technical selling pressure has materialised," brokerage house Imara SP Reid said in a note.

Charts suggest both indices have limited upside, with the 14-day RSI, a widely watched momentum indicator, showing they have strayed into overbought territory.

Platinum mining shares gave up some of the gains made on Monday when the longest strike in South Africa's history was announced as over by the Amcu.

Anglo American Platinum [JSE:AMS] was down 2.2% and Lonmin [JSE:LON] fell by the same margin.

Elsewhere, Woolworths Holdings [JSE:WHL]was down 1.35% at R77.52 after the retailer said it has offered about $188m to buyout minorities in its Australian unit Country Road.

Trading volumes were relatively thin with about 145 million shares, or just over 70% of the daily average, changing hands, according to the preliminary data from the bourse.

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Rand - Dollar
19.00
-0.5%
Rand - Pound
23.95
-0.2%
Rand - Euro
20.50
-0.2%
Rand - Aus dollar
12.35
+0.0%
Rand - Yen
0.13
-0.5%
Platinum
895.30
-0.2%
Palladium
991.47
-1.0%
Gold
2,193.25
-0.1%
Silver
24.44
-0.8%
Brent-ruolie
86.09
-0.2%
Top 40
67,836
+0.2%
All Share
74,046
+0.2%
Resource 10
56,127
+0.8%
Industrial 25
103,468
+0.2%
Financial 15
16,484
-0.2%
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