South Africa stocks drop on miners
South African
resource-heavy stocks slipped on Friday, as a stronger dollar induced
investors to take profit from firmer mining shares.
The rand reversed
earlier losses against the greenback, despite data showing the Central
Bank took advantage of its gains in December to build up foreign
currency reserves.
The JSE Top-40
index of blue chips was down 0.68 per cent to 28,415.54, while the
broader All-share index dropped 0.58 per cent to 31,929.72.
“It’s just the miners that have brought us down,” David Shapiro, a trader at Sasfin said.
The JSE gold mining indices fell 0.97 per cent, bringing its decline in the year-to-date to 5.1 per cent.
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