The FTSE 100 slumped to its lowest level in almost three years on Monday, with all stocks but one in the red and miners leading the slide on growing fears of a China-led global economic slowdown. Alarm bells rang across world markets after a 9 percent dive in Chinese shares and a sharp drop in the dollar and major commodities panicked investors. Traders said investors were effectively being forced to sell to raise cash after widespread losses across markets and that the chain reaction had yet to reach its end.
South Africa stocks were lower after the close on Friday, as losses in the Other Mineral Extractors, Resources and Mining sectors led shares lower. At the close in Johannesburg, the FTSE/JSE Top 40 declined 0.43%. The best performers of the session on the FTSE/JSE Top 40 were Capital&Counti (JO:CCOJ), which rose 1.86% or 155.00 points to trade at 8480.00 at the close. Meanwhile, SABMiller PLC (JO:SABJ) added 1.18% or 770 points to end at 66070 and Compagnie Financiere Richemont SA (JO:CFRJ) was up 0.95% or 97 points to 10297 in late trade. The worst performers of the session were MTN Group Ltd (JO:MTNJ), which fell 2.25% or 518 points to trade at 22500 at the close. Firstrand Ltd (JO:FSRJ) declined 2.24% or 122 points to end at 5354 and Sanlam Ltd (JO:SLMJ) was down 1.98% or 137 points to 6868. Rising stocks outnumbered declining ones on the Johannesburg Stock Exchange by 126 to 122 and 14 ended unchanged. Shares in Capital&Counti (JO:CCOJ) rose to all time highs; up 1.86% or 155.00 to 8480.00. Crude oil for August delivery was down 0.39% or 0.23 to $59.47 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August fell 0.04% or 0.03 to hit $63.17 a barrel, while the August Gold contract rose 0.05% or 0.60 to trade at $1172.40 a troy ounce. USD/ZAR was up 0.89% to 12.2149, while EUR/ZAR rose 0.32% to 13.6151. The US Dollar Index was up 0.42% at 95.77.