* Top 40, All-share both shed 0.41 pct
* Technical factors suggest short-term gains tough
* Retailers, miners lead market down
By Ed Stoddard
JOHANNESBURG, Nov 14 South African stocks fell
for a second straight session on Wednesday as disappointing
results dragged down retailers and a sell-off in mining stocks
continued despite the prospect of an end to a crippling strike
at Anglo American Platinum.
The JSE Top-40 index lost 0.41 percent to 33,042.71
while the broader All-share index also ended 0.41
percent lower at 37,241.79.
Both indices remain within striking distance of record peaks
scaled last week but analysts say technical factors will make it
difficult to set new highs in the short term.
"The momentum indicators are not strong. We're going to
struggle to punch through to new records," said George Glynos,
managing director at financial consultancy ETM.
For the Top 40 index, resistance would start to creep in
around 33,518 and then stiffen considerably around its record
level of 33,597.86 hit on Nov. 6, he added.
Technical indicators have shown that South African stocks
are overbought and they are now moving to neutral territory,
which could also slow any upward thrust.
The Top-40's 14-day relative strength index, one measure of
momentum, was around 54 on Wednesday. Technical traders who use
the 14-day RSI often view numbers near 70 as a signal to sell
and 30 to buy.
Retailers were in focus in Wednesday's session. Shares of
mid-cap Spar Group tumbled 3.7 percent to 122.30 rand
after the supermarket chain reported full-year earnings that
fell short of market expectations.
Mr. Price, which caters to lower income shoppers in
Africa's top economy, fell over one percent after it booked a 34
percent jump in first-half profit but warned of a tough business
environment in 2013.
Investors in general soured on retailers, with South
Africa's biggest listed apparel retailer, Truworths
International Ltd, stumbling 3.68 percent.
The relentless sell-off of mining shares was unabated
despite the wind down of the worst industrial action since the
end of apartheid in 1994. But the strikes have shaken investor
confidence to the core.
Amplats, the world's top producer, said it expected miners
to return to work on Thursday after accepting a new pay deal to
end weeks of wildcat strikes.
But in another sign of the mounting costs of the illegal
strikes that have swept South Africa's mines, it warned it would
cut annual profit by more than a fifth.
Amplats lost 2 percent to a 2012 low of 370.01 rand and
smaller rival Impala Platinum shed 3.25 percent.
Bullion producers also wilted, led by Africa's top gold mining
company, AngloGold Ashanti, which fell 3.40 percent.
Decliners outnumbered gainers by 151 to 140 while 62 stocks
closed unchanged. Volume was 190 million shares, slightly higher
than in recent sessions.
(Editing by Ed Cropley)