Bloomberg News

South African Stocks Drop Most in a Month as Metals Decline

June 10, 2011

June 10 (Bloomberg) -- South African stocks fell, sending the benchmark index to its biggest decline in a month, as the retreat in copper and gold prices dragged metal producers lower.

BHP Billiton Plc, the world’s largest mining company, and Anglo American Plc fell at least 2 percent. The FTSE/JSE Africa All Share Index lost 1.5 percent to 31,164.35 at the 5 p.m. close in Johannesburg, taking the weekly loss to 1.3 percent, a second consecutive fall.

The All Share gauge erased this week’s gain today as copper fell for a third day on a decline in imports by China, the world’s largest consumer of the metal, and as gold dropped the most in four weeks. Stocks in emerging markets declined after South Korea raised interest rates and economic data from China and India fueled concern profit growth may slow.

BHP Billiton slipped to the lowest level since March 15, sinking 2 percent to 251.90 rand. Anglo American, the diversified miner that makes up 10 percent of the benchmark stock index, the lowest close since Dec. 2, losing 2.8 percent to 320.15 rand. BHP and Anglo American account for more than 22 percent of the benchmark stock index.

--Editors: Stephen Kirkland,

To contact the reporter on this story: Sikonathi Mantshantsha in Johannesburg at smantshantsh@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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