South African stocks slump, mining companies weigh

JOHANNESBURG (Reuters) - South African stocks fell for a fifth straight session on Monday, reaching their lowest level in more than four months as mining companies maintained a downward march on weaker prices. Anglo American Platinum was the second biggest decliner on the benchmark index, shedding 2.15 percent to 369.20 rand after the company said its financial officer resigned to join petrochemical giant Sasol. Platinum companies are also struggling with depressed prices for the precious metal while the top three producers are slowly revamping operations after a crippling five-month strike earlier this year. "What is weighing on the whole platinum sector is the fact that its still going to take a few months before they return to full production," said Greg Katzenellenbogen, a director at Sanlam Private Investments. Iron ore producers have also been under pressure amid mounting concern about slowing growth in China, by far the biggest market for the commodity. Kumba Iron Ore shed 1.3 percent. Small-cap steel and vanadium producer Evraz Highveld fell more than 17 percent after the company reported a first-half loss. Its shares have tumbled more than 75 percent over the last 12 months as it has struggled with labour unrest and bled cash to such an extent that earlier this year it said it could no longer borrow money. The benchmark Top-40 index declined 0.67 percent to 44,209 while the broader All-Share index lost 0.59 percent to 49,371. Both indices reached their lowest level since May but have hit a number of record highs this year.