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JSE extends rally on Thursday led by gold miners

Xinhua, November 18, 2016 Adjust font size:

The Johannesburg Stock Exchange (JSE) rallied during Thursday's morning session, outperforming some of its global counterparts for the second day running, thanks to a particularly strong performance in the resource sector.

The all share index closed 1.23 percent higher to 50,617.57 points as bargain hunters pushed up platinum and gold miners by 1.57 percent and 2.15 percent, respectively.

The South African rand was trading at R14.26 to the U.S. dollar, R17.75 to the British pound and R15.27 to the euro at 5:00 p.m. (CAT).

The underlying platinum and gold prices were also slightly higher, though still materially weaker compared to last week's levels.

The gold price hovered at about 1,226.94 U.S. dollars an ounce at close of session, down from highs of 1,337 U.S. dollars last week.

Petrochemical conglomerate Sasol was up 2.97 percent to R368.62 and Kumba Iron Ore gained 5.36 to R168. AngloGold Ashanti was 4.19 percent higher at R170.43 and Impala Platinum rose 4.06 percent to R51.

Luxury goods maker Richemont gained 1.48 percent to R93.36, Truworths was up 2.12 percent to R69.95.

DRD Gold shares rose 6.67 percent to sell at R6.4, while Grindrod shares climbed 5.68 percent to R12.09. Endit