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JSE closes lower as investor shun risk assets

Xinhua, June 28, 2016 Adjust font size:

The Johannesburg Stock Exchange (JSE) was 3.07 percent lower at lose of trade session on Monday as investors rushed out of assets that are considered risky in the wake of the UK's shock vote to exit the EU.

The all share index was off 3.07 percent at 50,091.29 points at the close of trade session, its lowest level since early March, as fallout from the so-called Brexit (Britain's exit from the EU) vote continued to grip world markets.

Just like on Friday, the sell-off was broad-based, from financial and industrial stocks to resources. The silver lining was in the gold sector, which drew support from the higher gold price because of its safe-haven appeal.

The financial share ended 3.08 percent lower leading the downward slide on Monday.

The rand was trading at R15.53 to the U.S. dollar, R20.35 to the British pound and R16.98 to the euro. Endit