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Johannesburg - South African stocks ended slightly lower on Monday, weighed down by mining shares as worries about an economic slowdown in China pointed to reduced demand for industrial metals.
China is the biggest consumer of industrial metals such as copper, whose price fell to its lowest in more than two weeks.
"A slowdown in China doesn't bode well for the metals demand outlook, hence we're seeing a pull-back in resource stocks," said Evan Giannakis, an equity trader at Imara SP Reid.
Mining heavyweight Anglo American lost 2.8% at R275.95 and rival BHP Billiton fell 2.6% to R352.50 - both topping the decliners' list on the JSE top-40 index.
The blue-chip index inched down 0.17% to close at 42 880.77 while the broader All-share index edged 0.12% lower to 47 394.00.
But banks kept the downside momentum in check after Nedbank beat estimates with a 15% increase in annual profit and raised optimism about the outlook for the sector.
Nedbank rallied 3.22% to R209.30, Standard Bank jumped 4.74% to 124.12 and FirstRand climbed 3.91% to R34.05.
Advancers outnumbered decliners 153 to 149 while 59 stocks were unchanged with about 184 million shares changing hands.
China is the biggest consumer of industrial metals such as copper, whose price fell to its lowest in more than two weeks.
"A slowdown in China doesn't bode well for the metals demand outlook, hence we're seeing a pull-back in resource stocks," said Evan Giannakis, an equity trader at Imara SP Reid.
Mining heavyweight Anglo American lost 2.8% at R275.95 and rival BHP Billiton fell 2.6% to R352.50 - both topping the decliners' list on the JSE top-40 index.
The blue-chip index inched down 0.17% to close at 42 880.77 while the broader All-share index edged 0.12% lower to 47 394.00.
But banks kept the downside momentum in check after Nedbank beat estimates with a 15% increase in annual profit and raised optimism about the outlook for the sector.
Nedbank rallied 3.22% to R209.30, Standard Bank jumped 4.74% to 124.12 and FirstRand climbed 3.91% to R34.05.
Advancers outnumbered decliners 153 to 149 while 59 stocks were unchanged with about 184 million shares changing hands.
