* Global growth concerns hammer miners again
* Gold producers buck trend as rand weakens
By Ed Stoddard
JOHANNESBURG, March 22 (Reuters) – South African stocks
ended in the red for a third straight session on Thursday as
concerns about Chinese growth hit miners and retailer Shoprite
slid after it announced it would issue new shares and
convertible bonds.
The blue-chip Top-40 index fell 1.09 percent to
29,697.66, extending Tuesday’s losses. The market was closed on
Wednesday for a public holiday.
The Top-40’s break below the key 30,000 level where it has
been getting strong support is a negative signal which could
herald further decline.
The broader All-share index ended down almost one
percent at 33,550.89.
“We are seeing a lowering of risk appetite in the market
with concerns out of China particularly and big sell-offs in the
metals and resources counters,” said Ferdi Heyneke, portfolio
manager at Afrifocus Securities.
Oil prices fell more than 2 percent and global stocks
retreated as disappointing manufacturing data from China and
Europe fuelled worldwide growth concerns.
Continued…
