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Johannesburg - The Johannesburg Stock Exchange ended lower on Wednesday, as a gain by Anglo American Platinum (Amplats) was outweighed by a drop in index heavyweights Naspers and FirstRand.
Amplats, the world's top platinum producer, jumped 2.3% to R321.07 after Reuters reported it had received a $385m offer for its stake in the Bokoni mine, citing a person familiar with the matter.
"It seems like a good deal for Amplats because it would give them some cash to invest in more profitable mines plus it helps them get rid of a troubled mine," said Michael Homem, an equity analyst at Kaizen Asset Management.
The Top-40 declined 0.33% to 41 616.
The All-Share dropped 0.24% to 47.282.
Weakening rand
Helping lead the drop were e-commerce and media firm Naspers and bank FirstRand, both of which succumbed to profit-taking after being among the best performers on the Top-40 index this year.
While the index itself is little changed on the year, a handful of stocks have racked up double-digit growth, with some of them helped by the weakening rand.
South African stocks next year will make little headway from current levels until June, when potential monetary stimulus in the euro zone and an improving US economy will drive them higher, a poll forecasts.
Overseas businesses
Naspers, Africa's largest company by market value, fell 2.7% to R1 313.52. The company draws at least half of its revenue from outside South Africa and its share price has risen by a third this year.
A weaker rand currency helps companies with overseas businesses because it boosts profits when funds are brought home.
FirstRand, which has gained 31% this year, dropped nearly 1%.
Trade was brisk, with 245 million shares changing hands, according to preliminary data from the Johannesburg Stock Exchange, well above last year's daily average of 176 million shares.
