SA stocks slide for second day after IMF cuts growth forecasts

News24
28 Jan 2021, 00:43 GMT+10

The Johannesburg Stock Exchange index extended declines for a second day, falling 0.2%, amid weakness in BHP and Anglo American [JSE:AGL] as fellow benchmark heavyweights Naspers [JSE:NPN] and Richemont [JSE:CFR] dropped.

"Global stocks are likely to trade sideways today as market participants weigh the IMF's upward revisions to the global growth outlook against hurdles to further economic stimulus, while caution is likely to prevail ahead of the Fed's policy statement," Mpho Molopyane, a Johannesburg-based economist at FirstRand's [JSE:FSR] Rand Merchant Bank, said in a note to clients.

BHP -1.1% to cause the biggest drag on the FTSE/JSE Africa All Share Index. Anglo American -0.9%, Exxaro Resources [JSE:EXX] -1.2%, Glencore [JSE:GLN] -1.8%, African Rainbow Minerals -0.7% [JSE:ARI].

Richemont extended declines to a the third day. Meanwhile Naspers erased gains of as much as 0.6% to fall 0.4%.

Industrials retreat 0.4%

Remgro [JSE:REM] -0.9%, Ninety One -3.4%, Quilter -0.5%, PSG Konsult [JSE:KST] -3.8%, Transaction Capital -1% [JSE:TCP].

General retailers retreat 0.6%

Foschini Group [JSE:TFG] -1.4%, Woolworths Holdings [JSE:WHL] -0.9%, Mr Price Group -0.5%, Massmart [JSE:MSM] -2%, Truworths International [JSE:TRU]. -0.5%

Foreigners remained net sellers of South African stocks for a fourth consecutive day Tuesday, disposing of R1.05 billion worth of shares, according to exchange operator JSE. That's the largest outflow since the year started.

Source: News24

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