South Africa stocks ended weaker on Thursday, despite strong gains by resource stocks, with MTN the main loser among blue chips because most of its business is in emerging markets. Shares slumped across the board on the JSE as comments by U.S Federal Reserve chair Janet Yellen, made after the close in Asia, Europe and South Africa on Wednesday, hit the markets on Thursday.
"Most emerging markets were down on the back of the Fed's statement on Wednesday, which was expected to be dovish but turned out to be more hawkish," said Oliver Russell, an equity trader at Global Trader.
MTN, with the bulk of its profits coming from South Africa and Nigeria, fell 3.94 percent to 186.89 rand on the slump in emerging markets.
Financials also fell. Standard Bank shed 3.34 percent to 145.26 rand in a sector-wide sell-off.
However, investors were attracted by the safe haven of precious metals, Russell said. Both gold and platinum shares gained as bullion prices hit a five-week high.
Lonmin rocketed 22.67 percent to 6.71 rand, after falling nearly 20 percent on Wednesday.
Anglo Platinum, the world's largest miner of the metal, gained 17.3 percent to 344.87 rand.
AngloGold Ashanti gained 12.6 percent to 105.06 rand.
Gold Fields was up 15 percent to close on 43.65 rand after the company reported a return to profit in the second quarter..
The Top-40 index ended 1.2 percent lower at 44,149 points and the broader Allshare index fell 0.76 percent to 49,761.
Some 280 million shares changed hands, according to preliminary bourse data, above last year's daily average of 183 million shares.
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