SA stocks fall for 2nd day ahead of Fed decision

Johannesburg - South African stocks slipped on Wednesday, falling for the second consecutive session, driven by index heavyweight BHP Billiton [JSE:BIL] as industrial metals faltered.

Investors also awaited the statement from the Federal Reserve's latest two-day policy meeting for clues on when interest rates are likely to be increased, meaning a possible flight of capital from emerging markets, traders said.

BHP Billiton and Kumba Iron Ore [JSE:KIO] took the most points off the benchmark index as the price of iron ore weakened.

BHP Billiton lost 1.2% to R285 and Kumba Iron Ore pulled back 4.6% to R166 as the price of iron ore weakened.

The benchmark Top-40 index was down 0.95% to 48 296, while the broader All-share index fell by 0.9% to 54 541.

Other decliners were mobile phone firm MTN [JSE:MTN], down 2.2% to R241 rand and rival Vodacom [JSE:VOD], which gave up nearly 2% to R152.

Among the gainers, Merafe Resources [JSE:MRF] jumped 7.8% to 83 cents after global miner Glencore PLC [JSE:GLN] bought nearly 30% stake in the junior mining firm.

With 220 million shares changing hands, trade was above average from last year's daily average of 183 million shares.