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JSE falls while Amplats skids

JSE falls while Amplats skids
June 17
09:24 2015

South Africa’s stock indices fell for a third straight session on Monday, in line with a broad sell-off in major overseas markets as Greece moved closer to a debt default after talks with creditors failed.

The benchmark JSE Top-40 index lost 1.13 percent to 45 608 and the All-share index, the broadest measure of the South African stock market performance, was off 1.02 percent at 51 297.

South African shares have been under pressure in recent weeks on worries about the ramifications of a Greek debt default and concerns about how soon the US central bank might raise interest rates.

“Since the markets made their highs in late April, the going has been tough,” said Sasha Naryshkine, a fund manager at Vestact. “The two issues continue to plague global markets,” he said referring to Greek’s debt woes and US rates.

Among movers, Anglo American Platinum [JSE:AMS], which flagged at least 20 percent rise in half-year profit was down 1.8 percent at R289.88 and rival Impala Platinum [JSE:IMP] was 2.09 percent lower at R59.12.

Platinum fell to a six-year low on Monday as producers in South Africa begin to normalise output following last year’s unprecedented five-month strike.

MTN [JSE:MTN] slipped nearly 1 percent to R218.91 rand, extending losses to about 7 percent since a strike over higher pay that has hit its supply chain started nearly four weeks ago.

Trading volumes were thin, with just over 142 million shares, or about 76 percent of last year’s daily average, changing hands as some local traders had taken the day off ahead of a public holiday on Tuesday. (REUTERS)

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