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JSE closes higher led by banking stocks

Xinhua, June 3, 2016 Adjust font size:

Banking shares led the rally of the Johannesburg Stock Exchange (JSE) on Thursday, as investors waited eagerly for Friday's announcement of the South Africa's credit review, currently one notch above sub investment.

Standard & Poor's (S&P), and possibly Fitch, will announce the outcome of the country's credit-rating review late on Friday.

The all share index was up 0.37 percent at 53,716.91 points at the close of trading session on Thursday, ending a two-day losing run.

Banks rallied 1.67 percent and resources gained 0.30 percent, while the blue chip top 40 was also up 0.35 percent.

The dollar stumbled on background of doubts about the likelihood of a June rate hike by the Federal Reserve given recent softness in U.S. economic data.

At the close of trading, the rand was 15.5954 to the dollar from R R15.6526 at the previous close. It was at R17.5099 against the euro from R17.4556 previously, and at R22.5984 against the pound from R22.4952 previously.

Trade volumes were below par, with about 259 million shares changing hands compared with last year's daily average of 280 million shares.

Among some individual shares on the JSE, Nedbank was up 1.72 percent to R183.80, with Standard Bank gaining 1.17 percent to R12,720 and FirstRand picking up 2.74 percent to R44.67.

MMI Holdings rose 4.61 percent to R 23, 59, boosted mostly by its operational update, while Sanlam climbed 1.48 percent to R64,52.

Among resources, Glencore recovered 0.49 percent to R28,85 with AngloGold Ashanti gaining 1.73 percent to R218.12. Enditem