South African Stocks Fall Most in 5 Weeks on Metals

MonclerJan. 5 (Bloomberg) -- South Africa’s benchmark stocks index fell the most in five weeks, Moncler Outletled by Anglo American Plc, as metals declined after the U.S. Federal Reserve ugg discountsignaled concern that the world’s biggest economy is struggling to recover.
moncler kids jackets The 164-member FTSE/JSE Africa All Share Index dropped 1.3 percent to 32,010.53 at the 5 p.m. close in Johannesburg, MENS MONCLER BRANSON NAVY MEN JACKET BLACK DOUDOUNE the biggest decline since Nov. 30. Anglo American, MBT Outlet the diversified mining company that makes up 10 percent of South Africa’s benchmark stock index, decreased 3.1 percent to 347.75 rand, the biggest drop MONCLER WOMEN'S DOWN COAT BLACK since Aug. 25.
Metals prices fell after Fed officials indicated they’ll probably push ahead with a plan to buy $600 billion of bonds Jimmy Choo to stimulate the U.S. economy until the recovery strengthens, according to minutes of a Dec. 14 meeting. Copper, DOUDOUNE MONCLER PURE WHITE DOWN JACKETS a bellwether for global growth, retreated as much as 2.2 percent to $9,367 a metric ton. Lead, nickel, tin and lead also slipped. Platinum, and gold, which together with gold accounts for a fifth of South Africa’s exports, dropped as much as 2.9 percent and 1.2 percent respectively.
“The market’s decline follows that of copper and the other metals,” Sasha Naryshkine, a fund manager at Johannesburg-based Vestact Ltd., said in a phone interview today. “I think the market is misreading the Fed commentary. The U.S. economy will come out better than most people think -- probably 4 percent growth in 2011. We take this drop in equity prices as an opportunity to buy more resources shares.”
BHP Billiton Plc, the world’s largest mining company, slumped 2.2 percent to 262.22 rand, the biggest drop in seven weeks. Impala Platinum Holdings Ltd., the world’s second-largest producer of the metal, fell the most in more than four months, dropping 3.6 percent to 227.11 rand.

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