Stocks fall as precious metals producers tumble

South Africa’s main stock index falls 0.3% by 9:46 a.m. in Johannesburg as a slump in bullion prices pulls gold stocks lower, and as platinum producers decline.

South African equity market joins peers in Asia and Europe in sliding, as risk sentiment takes a beating amid doubts over the timing of a US spending package. Investors are concerned that a deadlock in Washington could significantly delay the US virus rescue package, weighing on the nascent recovery.

Gold and platinum producers join iron ore miners to drag the gauge for mining stocks down for the fourth day, the longest losing streak since March 9.

Among diversified miners, BHP Plc -1.5% to provide biggest drag to the index. Anglo American Plc -0.8%, Glencore Plc -0.2%

The sub-index for gold stocks retreats for the a day, down 1.4% to the lowest in four weeks, as bullion prices retreat

Gold Fields Ltd. -1.7%, AngloGold Ashanti Ltd. -1.1%, Harmony Gold Mining Co. -1.1%, DRDGold Ltd. -2.4%, Pan African Resources Plc -1.6%

Sub-index of platinum stocks also falls for a fourth session, the longest losing streak since April

Sibanye Stillwater Ltd. -1.7%, Anglo American Platinum Ltd. -2.5%, Impala Platinum Holdings Ltd. -1.3%, Royal Bafokeng Platinum Ltd. -2.3%, Northam Platinum Ltd. -0.3%

Sasol slides 10%, the most in two months, a day after flagging that it will swing to a full-year loss amid billions of dollars in writedowns, with stock getting little support from higher oil prices

Foreigners remained net sellers for a second day Tuesday, disposing of R228 million worth of shares, according to index operator JSE Ltd.