* All-share down 0.5 pct at 33,895.02
* Top-40 down 0.6 percent at 30,324.28
By David Dolan
JOHANNESBURG, Jan 27 (Reuters) – South African stocks
retreated from a record high on Friday, edging down half a
percent after retailers Shoprite and Woolworths
declined on concerns their valuations may be stretched
from a recent surge.
Shares of Investec fell nearly 1 percent after the
investment bank and asset manager said it would pay about $42
million for unlisted Irish financial firm NCB.
Lower-than-expected U.S. growth data also blunted appetite
for equities, especially in South Africa, where the broad
All-share index on Thursday finished above 34,000 for the first
time in its 17-year history.
“We are in overbought territory,” said Mitchell Gannaway, a
trader at Thebe Stockbroking.
“The U.S. GDP figures, slightly below expectations, … gave
people a reason to do a bit of selling.”
The All-share index finished down 0.5 percent at
33,895.02. On Thursday it posted a record high of 34,079.54.
Continued…
