Johannesburg - South African stocks ended their strongest month since mid 2009 on a weaker note on Monday as faltering commodity prices weighed on miners.
The JSE Top 40 - (Tradeable) [JSE:J200] blue-chip index fell 1.85% to 29 019.06, but logged a 10.02% gain for the month, the biggest monthly gain since July 2009 and ending a five-month losing run.
The broader All Share [JSE:J203] index gave up 1.66% to 32 348.54.
“Overall it was a very strong month but now we see a little bit of caution creeping in because of lack of details about the plan to resolve the eurozone debt crisis,” said Daniel Kraus, equities and derivatives trader at StockAlert.co.za.
“MF Global’s filing for bankruptcy also reminded people that all is not well out there and that companies are not safe and secure in the current economic environment.”
MF Global, the US futures broker, whose heavy bet on the region’s debt sent its shares plummeting in recent days, filed for bankruptcy on Monday.
Charts also suggested that Johannesburg’s blue-chip index was due for a pull back with it relative strength index or RSI hitting the overbought mark of 70 on Friday.
The index was also trading near its upper Bollinger band. A breach of the upper band is usually seen as a sign a security is oversold.
Among share movers, Anglo American fell 3.81% to R297.23 and rival BHP Billiton surrendered 2.72% to R252.44.
Copper slipped on Monday as the dollar rose and enthusiasm for Europe’s debt deal gave way to the view that the region’s economic problems are far from over.
Elsewhere, Naspers was down 3.8% at R381.78, after rising nearly 14% in the past four weeks and tracking its Chinese unit Tencent.
Capitec Bank tumbled 4.21% to R182 after the lender said it would issue $110m in new shares.
However, Harmony bucked the weaker tone on the bourse, rising 1.47% to R104.51 after the gold miner beat forecasts with a three-fold increase in quarterly profit.
Also in earnings news, Mondi added 1.04% to R62 after the paper maker’s upbeat comments about its quarterly performance.
The JSE Top 40 - (Tradeable) [JSE:J200] blue-chip index fell 1.85% to 29 019.06, but logged a 10.02% gain for the month, the biggest monthly gain since July 2009 and ending a five-month losing run.
The broader All Share [JSE:J203] index gave up 1.66% to 32 348.54.
“Overall it was a very strong month but now we see a little bit of caution creeping in because of lack of details about the plan to resolve the eurozone debt crisis,” said Daniel Kraus, equities and derivatives trader at StockAlert.co.za.
“MF Global’s filing for bankruptcy also reminded people that all is not well out there and that companies are not safe and secure in the current economic environment.”
MF Global, the US futures broker, whose heavy bet on the region’s debt sent its shares plummeting in recent days, filed for bankruptcy on Monday.
Charts also suggested that Johannesburg’s blue-chip index was due for a pull back with it relative strength index or RSI hitting the overbought mark of 70 on Friday.
The index was also trading near its upper Bollinger band. A breach of the upper band is usually seen as a sign a security is oversold.
Among share movers, Anglo American fell 3.81% to R297.23 and rival BHP Billiton surrendered 2.72% to R252.44.
Copper slipped on Monday as the dollar rose and enthusiasm for Europe’s debt deal gave way to the view that the region’s economic problems are far from over.
Elsewhere, Naspers was down 3.8% at R381.78, after rising nearly 14% in the past four weeks and tracking its Chinese unit Tencent.
Capitec Bank tumbled 4.21% to R182 after the lender said it would issue $110m in new shares.
However, Harmony bucked the weaker tone on the bourse, rising 1.47% to R104.51 after the gold miner beat forecasts with a three-fold increase in quarterly profit.
Also in earnings news, Mondi added 1.04% to R62 after the paper maker’s upbeat comments about its quarterly performance.