Business Day (Johannesburg)

South Africa: Blue Chip Stocks Slump 1.65 Percent on Opening

27 October 2009

Johannesburg — South Africa's blue chips slumped 1,65% in morning trade on Tuesday, reversing six straight sessions of gains as weaker commodity prices triggered heavy losses in resource stocks.

The JSE Top-40 index of blue chips fell 1,54% to 23864,23 points by 0717 GMT, with Goldfields

recording the biggest drop, down 4,43% to 102,50 rand.

The broader All-share index lost 1,39% at 26536,62 points.

That's as new Finance Minister Pravin Gordhan prepares to present his mid-term bubdget to South Africa's parliament starting at 2 this afternoon (CAT).

Tagged: Business, South Africa, Southern Africa, Stock Markets

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