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Johannesburg - South African stocks fell for the fourth straight session Monday, dropping 1.4% as a decline by Anglo American Platinum and other miners outweighed a mild rebound by retailers and other recently battered shares.
ArcelorMittal South Africa could open lower on Tuesday. The unit of the global steel maker said after the close of trade that a failure at its Newcastle facility has so far cost it R1.1bn.
While investors bought back retailers such as Truworths , ArcelorMittal and other firms that had been beaten down recently, overall performance was soured by the steep drop in miners.
“Some of the resource stocks which were hammered and some of the stuff that looks a little more attractive, the guys are definitely getting in,” said Michele Santangelo, a portfolio manager at Newstrading.
“Investors are hoping for a little bit of a bounce in the market - not a huge one - but a little bit of a bounce.”
But that bounce was short-lived, as the Top-40 index headed lower after briefly flirting with positive territory.
The Top 40 (Tradeable) [JSE:J200] index finished down 1.4% or 373.02 points, at 26 461.37.
The broader All Share [JSE:J203] index dropped 1.1%, or 342.65 points, to 29 718.56.
Miners were hit hard as investors dumped precious metals in a scramble for cash due to growing fear over a potential Greek debt default and its impact on the global economy.
Anglo American Platinum, the world’s largest producer of the precious metal, tumbled 3.8% to R549.99, in line with a 3.5% drop in the price of platinum.
Harmony Gold, the world’s fifth-largest producer of the previous metal, dropped 3.5% to R95.68 rand.
Diversified miner Exxaro fell 2.1% to R175.22, hit by the sell-off.
Separately, the company said it would sell its mineral sand operations to pigment producer Tronox to create a $3.4bn producer of the paint-making ingredient.
A total of 167 shares declined while 107 advanced and 78 were unchanged. Trade volume hit its lowest in four sessions, with 212 million shares changing hands, according to exchange data as of 15:48.
ArcelorMittal South Africa could open lower on Tuesday. The unit of the global steel maker said after the close of trade that a failure at its Newcastle facility has so far cost it R1.1bn.
While investors bought back retailers such as Truworths , ArcelorMittal and other firms that had been beaten down recently, overall performance was soured by the steep drop in miners.
“Some of the resource stocks which were hammered and some of the stuff that looks a little more attractive, the guys are definitely getting in,” said Michele Santangelo, a portfolio manager at Newstrading.
“Investors are hoping for a little bit of a bounce in the market - not a huge one - but a little bit of a bounce.”
But that bounce was short-lived, as the Top-40 index headed lower after briefly flirting with positive territory.
The Top 40 (Tradeable) [JSE:J200] index finished down 1.4% or 373.02 points, at 26 461.37.
The broader All Share [JSE:J203] index dropped 1.1%, or 342.65 points, to 29 718.56.
Miners were hit hard as investors dumped precious metals in a scramble for cash due to growing fear over a potential Greek debt default and its impact on the global economy.
Anglo American Platinum, the world’s largest producer of the precious metal, tumbled 3.8% to R549.99, in line with a 3.5% drop in the price of platinum.
Harmony Gold, the world’s fifth-largest producer of the previous metal, dropped 3.5% to R95.68 rand.
Diversified miner Exxaro fell 2.1% to R175.22, hit by the sell-off.
Separately, the company said it would sell its mineral sand operations to pigment producer Tronox to create a $3.4bn producer of the paint-making ingredient.
A total of 167 shares declined while 107 advanced and 78 were unchanged. Trade volume hit its lowest in four sessions, with 212 million shares changing hands, according to exchange data as of 15:48.
