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Stocks flat despite further losses by healthcare groups

Mediclinic fell the most among the bourse’s blue chips, dropping by nearly 3%.

South African stocks were flat on Friday despite gains by medical fund and financial services group Discovery and private bank Investec as private healthcare stocks fell further.

South Africa’s largest private hospital operator, Mediclinic , fell the most among the bourse’s blue chips, dropping by nearly 3% after shedding 8% on Thursday when it posted results at the lower end of its own profit guidance.

Netcare, another company in the sector also extended its previous day’s losses and was the second-biggest loser among the blue chips, falling 1.54%.

Luxury goods manufacturer Richemont closed 1.43% weaker after reporting lower net profits and saying trading continued to remain difficult in its big markets of Hong Kong and Macau.

Discovery rose nearly 2%, while Investec was up by 1.85%.

The Top 40 Index dipped 0.06% to 47,885.27 points and the All Share Index lost 0.13% to close on 54,055.38 points.

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