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Johannesburg - South African stocks pulled back from a four-week high on Wednesday and ended a three-day winning streak on renewed worries about eurozone debt crisis, but the benchmark index remained within range of its lifetime high.
The benchmark JSE Top 40 - (Tradeable) [JSE:J200] blue-chip index was down 0.7% at 29 276.38, not far from its 30 197.81 record high hit almost a year ago. The broader All Share [JSE:J203] index gave up 0.58% to 32 827.05.
“Markets ran up quite hard in recent days, so we’re seeing a bit of correction, which was triggered by Fitch comments about Italy and the eurozone,” said Richard Juchniewicz, a trader at SBG Securities.
David Riley, the head of sovereign ratings for Fitch, said the European Central Bank should ramp up its buying of euro zone debt to prevent a “cataclysmic” collapse of the euro.
Among movers on the bourse, MTN Group slid 2.21% to R132.70 after Goldman Sachs dropped Africa’s biggest wireless phone operator from its pan-Europe buy list.
Exxaro slipped 0.9% to R172 rand after the nation’s second largest coal miner launched a $349m cash bid for Australia’s African Ore. Exxaro is also facing a strike by about 1 000 workers at its Arnot mine in South Africa.
Retailer Massmart topped the gainers’ list after the unit of Walmart said half-year sales increased 15.2%. Shares in the South African discount merchant were up 1.59% at R182.35.
The benchmark JSE Top 40 - (Tradeable) [JSE:J200] blue-chip index was down 0.7% at 29 276.38, not far from its 30 197.81 record high hit almost a year ago. The broader All Share [JSE:J203] index gave up 0.58% to 32 827.05.
“Markets ran up quite hard in recent days, so we’re seeing a bit of correction, which was triggered by Fitch comments about Italy and the eurozone,” said Richard Juchniewicz, a trader at SBG Securities.
David Riley, the head of sovereign ratings for Fitch, said the European Central Bank should ramp up its buying of euro zone debt to prevent a “cataclysmic” collapse of the euro.
Among movers on the bourse, MTN Group slid 2.21% to R132.70 after Goldman Sachs dropped Africa’s biggest wireless phone operator from its pan-Europe buy list.
Exxaro slipped 0.9% to R172 rand after the nation’s second largest coal miner launched a $349m cash bid for Australia’s African Ore. Exxaro is also facing a strike by about 1 000 workers at its Arnot mine in South Africa.
Retailer Massmart topped the gainers’ list after the unit of Walmart said half-year sales increased 15.2%. Shares in the South African discount merchant were up 1.59% at R182.35.
