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Johannesburg - The main stock index fell to its lowest level in two months on Monday, extending its losing run into a third session, as a rebound in the currency hit SABMiller and exporters.
SABMiller, which makes the bulk of its profit in foreign currencies, took the most points off the benchmark Top-40 index, falling 3.4% to R594.
"The rand strengthened quite a lot since Friday - that's why we're seeing the likes of SABMiller and mining stocks coming off," said Bruno van Eck, a trader at Thebe Securities.
Glut of iron ore
The rand firmed as much as 0.5% before reversing gains late in the session, after ratings agency Fitch kept its credit view on South Africa's economy unchanged.
The JSE Top-40 index ended 1.5% lower at 41 755 and the broader All-share index was off 1.3% at 47 397.
Mining shares were also under pressure on concerns over a glut of iron ore and worries over global demand, especially from China, the world's top metal consumer.
Bourse heavyweight BHP Billiton tumbled 3% to R237.23 and rival Anglo American slipped 2.2% to R204.39.
Sasol was in demand, rising 0.64% to R395.29, after the price of Brent crude climbed back from its lowest level in more than five years.
Changing hands
Sasol, which makes fuel from coal and gas, benefits from a higher oil price because it sells fuel at the same regulated price as firms that import and refine oil.
Overall, trade was average with more than 171 million shares changing hands, slightly below last year's daily average of 176 million.
