Publications
Partners
Johannesburg - South African stocks ended a touch a lower on Wednesday in a shortened session ahead of the Christmas break, led by Sasol as the price of crude oil dropped below $61 a barrel.
Sasol [JSE:SOL] fell 2% to R431.17, making it the biggest decliner on the benchmark Top-40 index. Sasol often tracks the price of oil because it sells its synthetic fuel at the same price as firms that import and refine crude oil.
"It's ironic. The US economy is starting to boom and crude oil prices are contracting in the opposite direction," said Ben Le Brun, market analyst at Sydney's OptionsXpress.
The JSE Top-40 index lost 0.17% to 43 746 points and the broader All-share index was down 0.18% at 49 478 points.
Gold stocks also fell as the price of the yellow metal slipped to its lowest level in three weeks. AngloGold Ashanti [JSE:ANG] was down 1.6%, Gold Fields [JSE:GFI] gave up 1% and Harmony Gold [JSE:HAR] lost 1.4%.
On the upside, Netcare [JSE:NTC], a stock deemed defensive because it runs hospitals, topped the gainers' list, rising 1% to R37.20. British American Tobacco [JSE:BTI] was up almost 1% to R641.52.
Volumes were thin because most players are already away on year-end holidays. Just over 48 million shares changed hands, well below last year's daily average of 176 million shares.
