/ 29 August 2001

MINING, INDUSTRIALS SINK SA STOCKS AT OPEN

SA stocks opened slightly weaker on Wednesday, taking a knock from softer overseas markets but a stronger rand gave good bottom line support, dealers said. At 0753 GMT, the benchmark all-shares index was down 43,2 points or 0,5% to 9,045.9 points, dragged down mainly by mining houses and industrial shares. ”The market is little bit weaker but it’s holding up quite nicely. The rand is strengthening,” said Mark Sluzki, equities trader at brokerage house SP Reid & Mackeurtan. Dealers said the market was trading cautiously in the face of a two-day strike by the 1,8-million strong Congress of South African Trade Unions (Cosatu) to protest against the government’s privatisation plans, which started on Wednesday, and in line with world markets. – Reuters