Financial shares shine as S. Africa dodges junk rating
Xinhua, December 6, 2016 Adjust font size:
Financial shares have been the star performers on the the Johannesburg Stock Exchange (JSE) on Monday after Standard & Poor's followed ratings agencies Moody's and Fitch in keeping South Africa's credit rating unchanged.
The JSE all share closed 0.93 percent higher on Monday, with 1.06 percent gains in financial shares leading the upward move and helping to offset a 4.46 percent loss in gold mining shares.
The Industrial index was 0.85 percent higher and the Resources index traded 0.87 stronger at close of session.
The South Africa rand was trading at R13.82 to the U.S. dollar, R17.51 to the British pound and R14.81 to the euro at 5:00 p.m. (CAT).
Gold stocks labored under a resurgent rand and a weaker gold price of 1,165.77 U.S. dollars an ounce.
Among individual shares on the JSE Standard Bank gained 1.52 percent to R149.5 and Barclays Africa 2.32 percent to R161.15.
Exxaro regained 7.07 percent to R87.8 and Kumba Iron Ore lifted 5.04 percent to R165.96.
Arcelormittal SA shares rose 9.24 percent to sell at R11.35, while CSG Holdings shares climbed 8.53 percent to R1.4.
Harmony Gold Mining Company shares slid 7.59 percent to R29.2. Sibanye Gold fell 5.69 percent to R27.68. Endit