JSE closes higher led by industrial shares

Industrial stocks kept the Johannesburg Stock Exchange (JSE) SE afloat on Monday.

The all-share index closed 0.11 percent higher at 53,563.93 points, as the industrial stocks rose 0.55 percent.

Brewing conglomerate SABMiller led the rally in the industrial sector, gaining 1.69 percent to R828.82. British American Tobacco gained 0.99 percent to R902.86

Internet and video entertainment group Naspers gained 1.05 percent to R2,431.64. Paper-and-pulp group Sappi was up 3.1 percent to R71.21.

Outside the industrial space, the picture was weaker across most sectors as financial stocks and retailers came under renewed pressure.

Gold miners suffered steeper losses relative to the broader market on the combination of some profit taking in the sector and the possibility of an interest-rate rise in the US.

AngloGold Ashanti retreated 1.53 percent to R253.08, with Harmony losing 3.06 percent to R54.57.

The rand was trading at R14.40 to the US dollar, R18.81 to the British pound and R16.09 to the euro at close of session.

The rand fell to its lowest point against the dollar since July 15, continuing the weakening path that took hold from last week when feud between the Hawks police unit and Finance Minister Pravin Gordhan resurfaced and unsettled investors.

The pressure also came from the strong dollar on global markets after US Federal Reserve chairwoman Janet Yellen intimated that an interest rate hike could be in the offing this year. Endit