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Johannesburg - South African stocks ended flat on Friday but hovered near record highs hit in the previous session as investors bought into shares of financial firms such as Nedbank.
Shares of mining companies such as diversified mining group African Rainbow Minerals and iron producer Assore fell on concerns about the state of China's economy, the world's biggest commodity consumer.
"The overall market, including the banks, is being driven by this sentiment that if you are not in it you are losing out. Guys who got out are saying they want to go back in," said Abri du Plessis, chief investment officer at Gryphon Asset Management.
The Top-40 index ended 0.11% lower at 43 851.17, while the All-share ended steady at 48 910.90.
Shares of Nedbank gained 3.4% to R228.45, while RMB Holdings added 2% to end at R51.42.
Among decliners, ARM lost 2.19% to R201.21 and Assore was down 1.9% to R418. Anglo American fell 1.7% to R273.28, while Impala Platinum was 1.6% lower at R120.
An on-going strike over wages in the platinum sector, now in its 13th week, did not impact mining stocks, du Plessis said. Employers and workers failed to reach an agreement on Thursday to end the strike.
"Nobody knows what is going to happen with the platinum strike and so mining shares are not reacting to that, they are following China and global prices," du Plessis said.
Trade was slow with about 157 million shares sold, with advancers outpacing decliners 189 to 137, according to preliminary bourse statistics.
Shares of mining companies such as diversified mining group African Rainbow Minerals and iron producer Assore fell on concerns about the state of China's economy, the world's biggest commodity consumer.
"The overall market, including the banks, is being driven by this sentiment that if you are not in it you are losing out. Guys who got out are saying they want to go back in," said Abri du Plessis, chief investment officer at Gryphon Asset Management.
The Top-40 index ended 0.11% lower at 43 851.17, while the All-share ended steady at 48 910.90.
Shares of Nedbank gained 3.4% to R228.45, while RMB Holdings added 2% to end at R51.42.
Among decliners, ARM lost 2.19% to R201.21 and Assore was down 1.9% to R418. Anglo American fell 1.7% to R273.28, while Impala Platinum was 1.6% lower at R120.
An on-going strike over wages in the platinum sector, now in its 13th week, did not impact mining stocks, du Plessis said. Employers and workers failed to reach an agreement on Thursday to end the strike.
"Nobody knows what is going to happen with the platinum strike and so mining shares are not reacting to that, they are following China and global prices," du Plessis said.
Trade was slow with about 157 million shares sold, with advancers outpacing decliners 189 to 137, according to preliminary bourse statistics.
