South African stocks lost more than two percent on Wednesday as worries that weaker global economic growth will sap demand for commodities hit companies like Assore and Sasol. The JSE Top-40 index dropped 2.19 percent to 41,572, a level last seen in the middle of March. The broader All-share index 2.13 percent to 46,673. Assore topped the decliners list on the Top-40 index, plunging 8.2 percent to 229.61 rand as the price of iron ore retreated.
Rabi Thithi, a trader at Avior Capital said investors took their money off equities as the sinking oil price gave another downbeat signal about the global economy. Vodacom lost 2.8 percent after a report said the government is looking to sells its stake in the mobile phone operator.