* Top-40 down 0.46 pct
* All-share drops 0.42 percent
JOHANNESBURG, Sept 21 (Reuters) – South African stocks edged
down 0.5 percent on Friday, as investors hit Harmony Gold
on the stronger rand and Anglo American Platinum
on concerns over labour unrest.
Shares of Telkom SA slumped 5.5 percent to 18.30
rand, adding to a similar fall on Thursday when the fixed-line
operator warned that first-half profits will likely fall by
nearly 65 percent.
“I think the rand played a key factor here today,” said
Sasha Naryshkine, analyst at asset manager Vestact.
“It firmed up and has hurt gold and platinum stocks.”
The benchmark Top-40 index declined 0.46 percent to
31,934.87. It hit a record high of 32,381.54 last week.
The broader All-share index dropped 0.42 percent to
36,206.33. It hit a record high earlier this week.
The rand currency rose nearly 1 percent on Friday.
A stronger rand is a negative for mining companies, which sell
metal for dollars but pay costs in the rand.
Continued…
