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Johannesburg - South African stocks fell for the first time in three sessions on Thursday as investors cashed in some recent gainers such as African Rainbow Minerals and Standard Bank, reversing lifetime records hit earlier in the session.
Shares of platinum producer Lonmin fell 3.1% to R50.46 as a strike at its South African mines grinds on without any end in sight. The firm's chief executive said on Thursday it could not meet union demands.
"The market had so much of a run. Overall, it is a bit of profit-taking," said Rigardt Maartens, a portfolio manager at PSG Securities.
"We need some good news again before we have a good run," said Maartens.
The Top-40 index fell 0.44% to 43 439.95 after touching a record 43 840.65. The All-share index lost 0.36% to 48 231.39, after earlier hitting a record of 48 611.69.
Shares of mining company African Rainbow Minerals fell 0.9% to R214. The company had gained nearly 5% in the previous five sessions.
Standard Bank fell 0.8% to R139.40. Shares of Africa's biggest bank had gained nearly 3% in the previous five sessions.
JD Group gained more than 5% after parent Steinhoff, which plans to acquire up to 98% of the furniture retailer, extended its tender offer period by two days.
Traded volume was high with 224 million shares changing hands, with 172 companies advancing and another 159 declining while 57 were unchanged.
Shares of platinum producer Lonmin fell 3.1% to R50.46 as a strike at its South African mines grinds on without any end in sight. The firm's chief executive said on Thursday it could not meet union demands.
"The market had so much of a run. Overall, it is a bit of profit-taking," said Rigardt Maartens, a portfolio manager at PSG Securities.
"We need some good news again before we have a good run," said Maartens.
The Top-40 index fell 0.44% to 43 439.95 after touching a record 43 840.65. The All-share index lost 0.36% to 48 231.39, after earlier hitting a record of 48 611.69.
Shares of mining company African Rainbow Minerals fell 0.9% to R214. The company had gained nearly 5% in the previous five sessions.
Standard Bank fell 0.8% to R139.40. Shares of Africa's biggest bank had gained nearly 3% in the previous five sessions.
JD Group gained more than 5% after parent Steinhoff, which plans to acquire up to 98% of the furniture retailer, extended its tender offer period by two days.
Traded volume was high with 224 million shares changing hands, with 172 companies advancing and another 159 declining while 57 were unchanged.
