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Johannesburg - South African stocks fell for a second straight session on Wednesday, led by gold mining companies, as the price of the metal fell and Harmony Gold reported lower quarterly earnings.
Shares in Harmony were down 0.44% to R18.27 as it reported lower quarterly earnings and said it would cut jobs to lower costs and mitigate the effects of lower gold prices.
The Johannesburg-listed gold mining index fell by 4% as gold's spot price reached a four-year low and the US dollar surged, weakening the investment case for non-yielding bullion. The index has shed more than 20% over the last month.
Gold companies in South Africa are struggling with tumbling prices while costs such as electricity are steadily increasing. Some are considering selling assets or cutting down shafts.
"The sentiment towards gold and towards a lot of other metals and commodities is very negative at the moment," said Ferdi Heyneke, a trader at Afrifocus Securities.
The benchmark Top-40 index slid 0.13% to 44 395. The wider All-share index tumbled 0.14% to 49 717.
Africa's largest gold producer AngloGold Ashanti led the decline on the blue-chips index, skidding almost 6 percent. Its smaller rival, Gold Fields, lost 2.5 %.
An above-average 205 million shares changed hands in volatile trading. Decliners edged out advancers, 186 to 119.
