JSE slides as China decelerates

03 March 2015 - 02:01 By Bloomberg
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Johannesburg Stock Exchange.
Johannesburg Stock Exchange.
Image: MICHAEL BRATT

South African stocks have suffered their biggest slide in six weeks, weighed down by commodity and energy companies, because of fears that slower economic growth in China will hurt this country's exports of raw materials.

The FTSE/JSE Africa All Share Index had fallen by 0.7% by the close of trading yesterday, the biggest one-day decline since mid-January.

The 10-member FTSE/JSE Africa Resources Index slipped 1.9%, the most in five weeks, as Sasol, the world's biggest producer of liquid fuel from coal, dropped 2.3%.

BHP Billiton lost 2%; Anglo American 1.9%.

China's central bank reduced interest rates for the second time in three months to combat a slow-down in the world's second-biggest economy.

China is South Africa's biggest trading partner.

The South African purchasing managers' index fell to 47.6 last month , signalling a contraction in factory output.

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