South African Stocks Drop as U.S. Stimulus, Lockdowns Hit Sentiment

South Africa’s main stock index slid on Thursday as risk off sentiment dragged global equities lower.

The FTSE/JSE Africa All Share Index fell 1.4% at 9:59 a.m. in Johannesburg, the biggest decline since Sept. 25.

Asian and European stock markets declined as chances faded of a stimulus deal in Washington before next month’s presidential election. A resurgent virus outbreak weighed on sentiment, with France announcing stricter measures, Germany warning of economic risks and London set to tighten restrictions.

Giants Naspers Ltd., Anglo American Plc, BHP Group Plc and Richemont, making up 46% of market capitalization, led the index lower, with 99 of the 141 listed companies falling in early trading, while 30 gained.