S.Africa stocks down despite positive US jobs data

JOHANNESBURG (Reuters) - South African stocks ended lower on Friday after resource shares such as diversified miner Exxaro slid on the back of a fall in global commodity prices.

But the market recovered some losses late in the session after better-than-expected jobs data from the United States encouraged investors about the prospects for the world's largest economy.

"With the U.S. market looking a lot stronger, the emerging markets will start to be bought again. That's why our markets have taken quite a nice big hit upwards," said Bruno van Eck, a trader at Thebe Securities in Johannesburg.

The positive sentiment will likely come to a halt next week, he added, with resource markets staying down and the year-end holiday season expected to weigh on the market.

The benchmark Top-40 index closed 0.29 percent lower at 33,909.68, while the broader All-share index ended 0.24 percent down at 38,195.89.

Losers were led by Exxaro, down 2.52 percent, followed by bullion producer Gold Fields and petrochemicals giant Sasol, down 1.66 percent and 1.62 percent, respectively.

Johannesburg-listed shares of Coal of Africa slipped again, ending 5.14 percent lower at 1.66 rand after the junior coal mining company fired nearly half of its staff at the Mooiplaats colliery for an illegal strike.

Earlier this week, the group's shares fell on news of the strike to their lowest level since the company was listed on the Johannesburg Stock Exchange in 2006, according to Reuters data.

Banking group Absa Group topped the gainers and finished up 2.84 percent at 153.75 rand. The retail bank extended gains from the previous session when it said it would buy Barclays Group's African operations in a $2.1 billion deal.

Trade volume was low, with just over 142 million shares changing hands, compared with last year's daily average of 255 million shares. Decliners outnumbered advancers at 147 to 131, with 74 stocks unchanged.

Source: http://news.yahoo.com/africa-stocks-down-despite-positive-us-jobs-data-155513269--finance.html

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