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Johannesburg - South African shares lost ground on Tuesday as investors took profits following a recent rally, while a slightly stronger rand also put pressure on mining and dual-listed stocks.
Shares of AngloGold Ashanti and Amplats were among the biggest fallers, shedding 4.08% and 2.94% respectively to close at R149.45 and R412.
Mining stocks and manufacturing shares could come under more pressure on Wednesday after electricity utility Eskom declared a power 'emergency' after the market closed, and said it was reducing supplies to key industrial customers.
The spot price of platinum rose 1%, although top world producers Anglo American Platinum and Impala Platinum said it was too early to tell what the impact would be on their production.
A fall in world shares on Tuesday also filtered through to the South African market.
Global stocks were lower as equity investors questioned the sustainability of the recent stock rally after the Paris-based OECD think-tank cut its 2014 forecast for global economic growth.
South Africa's benchmark Top-40 index dropped 0.63% to 40 337.43. The broader AllShare declined 0.64% to 45 138.13.
"The local bourse had moved into very aggressive overbought territory around a week-and-a-half ago so you're probably seeing pretty pronounced profit-taking on the back of that," said Nedbank Capital strategist Mohammed Yaseen Nalla.
"The slightly stronger rand against the dollar certainly would be quite a drag on the resource sector specifically and similarly with any of the other dual listed stocks."
The rand firmed during the session to a high of R10.0850, up 0.6% from the previous day's close, but had retreated to R10.1725 by 15:51 GMT.
Gainers included Tiger Brands whose shares were up 2.2% to R310 ahead of annual results on Wednesday.
Shares of AngloGold Ashanti and Amplats were among the biggest fallers, shedding 4.08% and 2.94% respectively to close at R149.45 and R412.
Mining stocks and manufacturing shares could come under more pressure on Wednesday after electricity utility Eskom declared a power 'emergency' after the market closed, and said it was reducing supplies to key industrial customers.
The spot price of platinum rose 1%, although top world producers Anglo American Platinum and Impala Platinum said it was too early to tell what the impact would be on their production.
A fall in world shares on Tuesday also filtered through to the South African market.
Global stocks were lower as equity investors questioned the sustainability of the recent stock rally after the Paris-based OECD think-tank cut its 2014 forecast for global economic growth.
South Africa's benchmark Top-40 index dropped 0.63% to 40 337.43. The broader AllShare declined 0.64% to 45 138.13.
"The local bourse had moved into very aggressive overbought territory around a week-and-a-half ago so you're probably seeing pretty pronounced profit-taking on the back of that," said Nedbank Capital strategist Mohammed Yaseen Nalla.
"The slightly stronger rand against the dollar certainly would be quite a drag on the resource sector specifically and similarly with any of the other dual listed stocks."
The rand firmed during the session to a high of R10.0850, up 0.6% from the previous day's close, but had retreated to R10.1725 by 15:51 GMT.
Gainers included Tiger Brands whose shares were up 2.2% to R310 ahead of annual results on Wednesday.
