* All-Share index down 1.2 pct to 34,118.87
* Top-40 index down 1.61 pct 30,025.43
* Mining shares thrashed as global growth slows
JOHANNESBURG, June 22 (Reuters) – South African stocks ended
lower on Friday as mining shares including platinum producer
Anglo American Platinum and Kumba Iron Ore
slid on renewed concerns of a slowdown in global growth that
could blunt demand for commodities.
Minerals, including platinum, gold, coal, ferrochrome and
iron ore, are South Africa’s biggest exports and trouble in its
trading partners often translates into slower growth at home.
“It’s all about commodities today. The market got a bit of a
cushioning from the U.S. market open, which was slightly better,
but the gold and platinum stocks are getting thrashed,” said
Sasha Naryshkine, an analyst at Vestact.
“Investment banks are starting to question how long
commodities are going to remain robust.”
Mining stocks extended losses from the previous session,
when disappointing data from China, the United States and the
euro zone pushed commodity shares lower.
The All-share index, the broadest measure of South
African stock performance, fell 1.2 percent to 34,118.87. The
benchmark Top-40 index closed down 1.61 percent
at 30,025.43.
Continued…
