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S. African stocks tumble 1.34 pct on Friday

Xinhua, December 3, 2016 Adjust font size:

The Johannesburg Stock Exchange (JSE) wobbled on Friday ahead of South Africa's sovereign credit rating from S&P.

The all share index slid 1.34 percent to 49,256.1 points at close of session, its weakest point since February, while the top 40 shed 1.36 percent.

The South African rand was trading at R13.19 to the U.S. dollar, R17.6 to the British pound and R14.84 to the euro at 5:00 p.m. (CAT).

Financial stocks, particularly banks that are sensitive to credit-rating downgrades, weakened most ahead of the decision due out after the market close.

A downgrade would increase the cost of government borrowing and undermine investor confidence, weakening the rand. End it