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Johannesburg - South African stocks traded sideways on Wednesday as a sharp drop by luxury goods retailer Richemont weighed on a lacklustre market waiting for direction from a key US Federal Reserve statement later in the day.
The US central bank is expected to provide clues on the next interest rate move after years of aggressive monetary stimulus.
Johannesburg's Top-40 index gave up 0.15% to 45 814 and the wider All-share was little changed at 51 173.
"We are generally waiting for Yellen," said Petri Redelinghuys, a trader at Inkunzi Investments, in reference to the Federal Reserve chair Janet Yellen.
"We are all just holding our breathe. If you look at the volumes traded today, it is fairly low and subdued."
Shares of Richemont, owner of jewellery houses Cartier and Van Cleef & Arpels, plunged after its five-month sales figures showed slowing demand, especially in the key Asian market. Its shares were down more than 4%, its biggest daily drop since January 2013.
Climbers included Times Media Group - which runs South Africa's biggest weekly newspaper, the Sunday Times - chalking up nearly 6% in gains after flagging a nearly 10-fold jump in full-year profit.
Trade was active with 194 million shares changing hands, well above last year's daily average of 176 million, with 162 companies gaining and another 123 dropping.
