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Johannesburg - South African stocks fell for a second straight session on Friday as a firmer rand hit exporters such as Impala Platinum while paper producer Sappi fell sharply after a ratings downgrade.
Sappi, the world's largest maker of the fine paper used in glossy magazines, fell over 4% to R30.89.
Investment bank Credit Suisse cut its rating on the stock to "underperform" from "neutral", citing management's repeated lowering of guidance.
The rand gained over 0.40%, prompting investors to cash in shares of exporters, some of which are also listed in London.
"The rand firming does take some of the shine off our big dual-listed companies and they have a predominate impact on our index levels," said Paul Theron of chief executive officer of asset manager Vestact.
The Top-40 index fell 0.75% to 39 642.74, moving further away from life highs scaled earlier this month. The All-share index ended 0.68% lower at 44 435.61.
Impala Platinum, the world's second largest platinum producer, fell close to 5% to R121.54.
A stronger rand is a negative for exporters, as it weakens profits when overseas earnings are brought home.
BHP Billiton dropped 1.8% to R306.89.
Decliners outnumbered advancers 183 to 118 with 56 shares unchanged, according to preliminary bourse data. Volume was relatively brisk with around 214 million shares changing hands.
Sappi, the world's largest maker of the fine paper used in glossy magazines, fell over 4% to R30.89.
Investment bank Credit Suisse cut its rating on the stock to "underperform" from "neutral", citing management's repeated lowering of guidance.
The rand gained over 0.40%, prompting investors to cash in shares of exporters, some of which are also listed in London.
"The rand firming does take some of the shine off our big dual-listed companies and they have a predominate impact on our index levels," said Paul Theron of chief executive officer of asset manager Vestact.
The Top-40 index fell 0.75% to 39 642.74, moving further away from life highs scaled earlier this month. The All-share index ended 0.68% lower at 44 435.61.
Impala Platinum, the world's second largest platinum producer, fell close to 5% to R121.54.
A stronger rand is a negative for exporters, as it weakens profits when overseas earnings are brought home.
BHP Billiton dropped 1.8% to R306.89.
Decliners outnumbered advancers 183 to 118 with 56 shares unchanged, according to preliminary bourse data. Volume was relatively brisk with around 214 million shares changing hands.
