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JSE closes higher as rand tumbles

Xinhua, August 25, 2016 Adjust font size:

The Johannesburg Stock Exchange (JSE) rallied on Wednesday after the South African rand tumbled.

The JSE all share closed 1.14 percent higher to 53,562.80 points on Wednesday, led by a 2.83 percent gain in resource shares.

The rand was trading at R14.15 to the U.S. dollar, R18.69 to the British pound, and R15.89 to the euro at close of session.

But a weaker currency choked retailers and financial stocks, particularly banks, which were between 4 percent and 6 percent lower.

The sharply weaker rand bodes ill for inflation, which slowed to 6 percent in July on an annualized basis, from 6.3 percent in June. Endit