Tuesday, 04 September 2012 23:57
JOHANNESBURG: South African stocks edged down on Tuesday, with the benchmark Top-40 index giving up 1 percent as platinum miners were hit again by worries about the impact of labour unrest on the sector.
Losses were limited by a rise in FirstRand, after South Africa's second-largest lender said full-year earnings likely rose as much as 27 percent.
Investors have dumped miners in recent sessions on concerns about spreading labour unrest in the industry, following weeks of protest at Lonmin Plc's Marikana mine.
In addition, nagging worries about the outlook for Europe - a major South African trading partner - have made it easier for investors to sell, said Abri du Plessis, chief investment officer at Gryphon Asset Management in Cape Town.
"Moving money at this time, I think one can only make mistakes," du Plessis said.
"The problems (in Europe) are a lot deeper than the consensus expectations. I think we are going to see ...