South African Market Review

South African markets closed in the red yesterday, amid sharp losses in the mining sector stocks, following a global commodity selloff. Kumba Iron Ore, Assore and Anglo American dropped 14.3%, 11.0% and 10.6%, respectively. Impala Platinum Holdings and Lonmin fell 11.4% and 11.4%, respectively. AngloGold Ashanti and Sibanye Gold slipped 10.3% and 7.0%, respectively. However, Sappi climbed 6.0%. It earlier stated that its profit for 1H16 rose significantly despite a 5.0% drop in sales. Telkom rose 4.4%, despite stating that its annual headline earnings are poised to decline between 40.0% and 50.0%. Cie Financiere Richemont SA and SABMiller advanced 2.5% and 1.7%, respectively. Nedbank Group and Standard Bank Group gained 1.3% and 1.1%, respectively. The JSE All Share Index declined 0.1% to close at 51,348.72.

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