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JSE closed on a positive note on Friday

Xinhua, April 9, 2016 Adjust font size:

The South African stock market closed largely in a positive note on Friday with the All Share index up 0.54 percent to end at 51,424.48.

Financials also rose 1.6 percent to end at 15,076.98. The industrials closed up by 0.04 percent at 70,271.46.

Resources index was also up by 1.02 percent, closing at 27,907.9.

The banks recorded a 2.85-percent gain following a not so good performance during the week. Bucking the trend, the gold index closed the week on a disappointing 1.81-percent loss at 1,240.30.

Experts say the sharp rise in oil price had a great influence in the market performance.

Commodities were higher by the close of Johannesburg Stock Exchange with Brent Crude up almost 5 percent selling at 41.65 U.S. dollars per barrel.

Meanwhile, President Jacob Zuma's son Duduzani Zuma and the Guptas on Friday announced their immediate resignation from the JSE listed Oakbay Investments and Oakbay Resources and Energy.

This was after a number of companies and financial houses terminated their relationship with the company after the Guptas were accused of having an undue influence on the election of ministers in Zuma's cabinet.

The Rand was firmer against the dollar on the increase in oil prices as it opened 0.08 percent higher to trade at R15.14 to the U.S dollar compared to R15.2632 at Thursday's close. Endit