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Major fall for stocks over Fed uncertainty

January 25, 2014

stocks ended lower yesterday with the main indices logging their biggest fall in more than a month as worries grew the US Federal Reserve would trim its stimulus programme. Naspers topped the decliners' list on the blue-chip index, tracking a sell-off in its Chinese money spinner Tencent Holdings . Shares dropped 5.2 percent to R1 089.61, their biggest daily decline in more than two years. "All emerging markets are being sold off today and part of it has to do with the Fed meeting next week," said Sibonginkosi Nyanga of brokerage Imara SP Reid . The JSE Top-40 index fell 1.36 percent to 41 739.02 and the All-share index was down 1.2 percent at 46 462.14. Both recorded their biggest daily percentage drop since December 12 . Gold shares shot up to a two-month high and remained on track for a fifth straight weekly gain. AngloGold Ashanti rallied 6.7 percent to R158, helped by good news from Ghana . Decliners outnumbered advancers 197 to 104, with more than 200 million shares changing hands, according to preliminary bourse data. - Reuters Weekend Argus


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Source: Weekend Argus (South Africa)


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