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S. African stocks pulled down by gold miners on Monday

Xinhua, November 15, 2016 Adjust font size:

The Johannesburg Stock Exchange (JSE) closed weaker on Monday after a torrid week as the market continued to digest the effects of Donald Trump's presidential win.

Banks and financials were weaker. Gold lost 1.16 percent and platinum stocks were sold off on a stable rand.

The rand was trading at R14.38 to the U.S. dollar, R17.94 to the British pound and R15.43 to the euro at 5:00 p.m. (CAT).

The gold price was down 1.14 percent at 1,213.51 dollars an ounce at close of session. Platinum lost 1.2 percent to 926.5 dollars an ounce.

The all share was 1.12 percent weaker at 49,731.89 points and the blue-chip top 40 added 1.2 percent. The gold mining index lost 5.51 percent and platinum lost 3.98 percent.

Emerging markets retreated last week as investors took a view that Trump would clamp down on global trade arrangements with possible higher tariffs and follow a stimulatory fiscal policy.

There was also renewed concern about possible further interest rate increases in the United States. The market is expecting the Federal Reserve to hike rates in December. Enditem