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S. African stocks close higher Friday

Xinhua, December 10, 2016 Adjust font size:

The Johannesburg Stock Exchange (JSE) gathered momentum on Friday, boosted mainly by industrial and financial stocks.

The JSE All Share closed 0.71 percent higher, as gains in financial and industrial stocks offset losses in gold miners and resources.

The South African rand was trading at R13.77 to the U.S. dollar, R17.29 to the British pound and R14.53 to the euro at close of session.

Gold had given up 0.51 percent to sell at 1164.22 U.S. dollars an ounce.

The all share index was up 0.71 percent to 50,899.92 points, its best level in two weeks, as industrial and financial indices picked up 0.77 percent and 0.88 percent, respectively.

Gold stocks bucked the positive trend, undermined mainly by the 10 percent drop in the share price of Sibanye Gold after the company announced the acquisition of U.S. platinum miner, Stillwater, for R30 billion.

Nedbank Corporate and Investment Banking analysts are optimistic of an interest rate increase next week by the U.S. Fed.

Assore was up 2.99 percent at R240.88 but Kumba Iron Ore fell 3.24 percent to R167. Gold Fields was off 3.32 percent at R39.85. Endit