South African stocks fall as lower earnings drag down Naspers

Reuters
Electronic board displaying movements in major indices is seen at Johannesburg stock exchange in Sandton
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An electronic board displaying movements in major indices is seen at Johannesburg stock exchange in Sandton …

JOHANNESBURG (Reuters) - South African stocks edged lower on Monday as e-commerce and media firm Naspers, the continent's biggest company by market value, fell after posting a surprise drop in full-year earnings.

Naspers slumped nearly 5 percent to 1,206.93 rand, making it the biggest decliner of the benchmark Top-40 index, after its earnings were hit by expansion spending. [ID:nL6N0P416H]

The Top-40 index edged 0.61 percent lower to 46,054. The broader All-share index was down 0.52 percent to 51,058.

Also falling was mobile phone operator Vodacom, which was down 4.36 percent to 129.50 rand as it traded ex-dividend, or without the right to its latest dividend.

But shares of platinum firms Anglo American Platinum, Impala Platinum and Lonmin rose as the striking Association of Mineworkers and Construction Union (AMCU) said it would end a five-month stoppage at the mines operated by the three firms after signing wage deals.

Workers are expected to start returning to work on Wednesday, ending the sector's longest and costliest strike. [ID:nL6N0P449I]

Amplats gained 1.6 percent to 498 rand and Impala added 1.11 percent to 114.25 rand, while Johannesburg-listed shares of Lonmin were up nearly 3 percent to 46.69 rand.

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