South African stocks fell just over 1% on Wednesday, as concerns about slowing growth in China hit mining companies such as Assore and African Rainbow Minerals.
Shares of gold producer AngloGold Ashanti bucked the trend, however, gaining 0.7% to R203.95 after workers at two of its Malian mines delayed the start of a strike.
Global stock indexes fell and some metals hit their lowest in nearly four years, on rising concerns about slowing growth in the world’s second-largest economy.
“It’s quite a worry. We’ll probably see some more weak figures coming out of China and that’s going to keep the commodities cycle under pressure,” said Abri du Plessis, chief executive officer at Gryphon Asset Management in Cape Town.
The benchmark Top-40 index fell 1.04% to 42 607.46. The broader All-Share index dropped 0.89% to 47 188.84.
Assore, a miner of base metals and minerals, fell 2% to R406.82. African Rainbow Minerals, a diversified miner, fell 2.6% to R203.50.
Trade was relatively slow, with 168 million shares changing hands. A total of 179 shares declined, 132 advanced and 51 were unchanged.