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Johannesburg - Stocks gyrated but still ended lower on Friday after the US reported job growth slowed more than expected in July and the unemployment rate rose, easing worries that interest rates would rise soon.
Decliners included transport firm Grindrod [JSE:GND] which skidded 4.25% to R25.03 after the company warned that interim earnings would likely fall between 30 and 35%.
Grindrod said the expected earnings slide was due to depressed shipping markets, the closure of its commodity trading business and strikes in South Africa, making it the latest corporate victim of a wave of labour unrest that had included the historic five-month stoppage in the platinum sector.
But overall the market, which has scaled successive record peaks this year despite sluggish domestic economic growth, was moving to global flows and sentiment.
Global volatility
"This is not a reflection of investors thinking local issues...it's a reaction to international developments and data," said Christie Viljoen of NKC Independent Economists.
The market trimmed losses in line with peers elsewhere after the US jobs data was released, but then fell again, also a reflection of global volatility.
The Top-40 benchmark index shed 1.06% to 45 733 while the broader All-share index stumbled 0.93% to 50 917.78. This was the third straight day of losses for the market.
Decliners outnumbered advancers 190 to 103 with 53 issues unchanged, according to preliminary bourse data.
