Stocks fall for 3rd straight day, Amplats skids

The benchmark JSE Top-40 index lost 1.13% to 45,608.

South Africa’s stock indices fell for a third straight session on Monday, in line with a broad sell-off in major overseas markets as Greece moved closer to a debt default after talks with creditors failed.

The benchmark JSE Top-40 index lost 1.13% to 45,608 and the All-share index, the broadest measure of the South African stock market performance, was off 1.02% at 51,297.

South African shares have been under pressure in recent weeks on worries about the ramifications of a Greek debt default and concerns about how soon the U.S. central bank might raise interest rates.

“Since the markets made their highs in late April, the going has been tough,” said Sasha Naryshkine, a fund manager at Vestact. “The two issues continue to plague global markets,” he said referring to Greek’s debt woes and U.S. rates.

Among movers, Anglo American Platinum, which flagged at least 20% rise in half-year profit was down 1.8% at 289.88 and rival Impala Platinum was 2.09% lower at 59.12

Platinum fell to a six-year low on Monday as producers in South Africa begin to normalise output following last year’s unprecedented five-month strike.

MTN Group slipped nearly 1% to R218.91, extending losses to about 7% since a strike over higher pay that has hit its supply chain started nearly four weeks ago.

Trading volumes were thin, with just over 142 million shares, or about 76% of last year’s daily average, changing hands as some local traders had taken the day off ahead of a public holiday on Tuesday.

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