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S. African stocks close higher Monday assisted by financial stocks

Xinhua, September 20, 2016 Adjust font size:

The Johannesburg Stock Exchange (JSE) closed higher on Monday boosted by financial stocks.

Resources and financial stocks led the charge, leaving the all-share index closing 0.28 percent higher at 51,975.89 points. The benchmark gauge slumped 2.84 percent last week.

On Monday, rising financial shares led gains, but gold miners lost 0.45 percent. The All Share closed 0.28 percent up. The top 40 index was 0.14 percent up while the financial index closed 1.08 percent higher.

The South African rand was trading at R14.01 to the U.S. dollar, up from a weakest level of R14.59 last week.

The platinum price has drifted just more than 10 percent off its recent peak of 1,155.55 dollars per ounce, piling pressure on the sector.

Investors will be taking a closer look this week at the announcements of interest hike by the following reserve bank: U.S. Federal Reserve, the Bank of Japan and the South African Reserve Bank. Endit