The Johannesburg Stock Exchange index extended declines for a second day, falling 0.2%, amid weakness in BHP and Anglo American [JSE:AGL] as fellow benchmark heavyweights Naspers [JSE:NPN] and Richemont [JSE:CFR] dropped.
"Global stocks are likely to trade sideways today as market participants weigh the IMF's upward revisions to the global growth outlook against hurdles to further economic stimulus, while caution is likely to prevail ahead of the Fed's policy statement," Mpho Molopyane, a Johannesburg-based economist at FirstRand's [JSE:FSR] Rand Merchant Bank, said in a note to clients.
Richemont extended declines to a the third day. Meanwhile Naspers erased gains of as much as 0.6% to fall 0.4%.
Industrials retreat 0.4%
- Remgro [JSE:REM] -0.9%, Ninety One -3.4%, Quilter -0.5%, PSG Konsult [JSE:KST] -3.8%, Transaction Capital -1% [JSE:TCP].