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JSE closes weaker on two consecutive days

Xinhua, September 1, 2016 Adjust font size:

The Johannesburg Stock Exchange (JSE) closed weaker on Wednesday, pulled down in the main by mining stocks, facing a low commodity price environment.

The all share index was off 1.34 percent to 52,733.12 points at close of session, with the blue-chip top 40 index tumbling 1.19 percent.

The resources index dropped 3.18 percent while the gold index closed 3.04 percent weaker and platinum shares were down 4.46 percent, as a strong dollar's appreciation continued to hurt commodity prices.

The price of platinum has dropped about 10 percent from its recent high of 1,176.25 U.S. dollars per ounce, a development that has reflected negatively on the sector. The platinum spot price was at 1,055.75 U.S. dollars an ounce on Wednesday.

Outside the resource market, financial stocks dropped 1.02 percent, while the banking stocks lost 1.88 percent but the industrial stocks were 0.88 percent weaker.

The rand, which has recently been one of the main catalysts for the local share market, held within its recent ranges as the stand-off between the special crime-fighting unit, the Hawks, and Finance Minister Pravin Gordhan dragged on.

The rand was trading at R14.73 to the U.S. dollar, R19.29 to the British pound and R16.42 to the euro.

Among individual shares on the JSE, Anglo American dropped 3.79 percent to R149.50, with BHP Billiton falling 4.82 percent to R188.00. Kumba Iron Ore dipped 3.39 percent to R130.42 and Exxaro slid 5.25 percent to R75.23. Endit