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S. African stocks close higher Tuesday

Xinhua, December 14, 2016 Adjust font size:

The Johannesburg Stock exchange (JSE) made relatively modest gains on Tuesday, backed largely by demand for industrials offsetting a soft spot in the resources sector.

The all share was up 0.73 percent to 50,839.25 points as industrial stocks rose 0.62 percent, with losses across the board led by a 3.36 percent tumble in gold mining shares.

The South African rand was trading at R13.64 to the U.S. dollar, R17.24 to the British pound and R14.48 to the euro at close of session.

The broader industrial 25, which include retailers, has put up a decent showing since last week, though it remains on course to finish weaker for the first time since 2008.

Diversified miners were mostly weaker, as were platinums. Gold counters stabilized at much weaker levels, having dropped for the fifth session running.

All eyes are on the U.S. Federal Reserve's interest-rate meeting on Wednesday.

Anglo American, by far the best-performing share among the blue chip counters in 2016, gave up 1.99 percent to R208.08. Glencore lost 3.57 percent to R49.74, but Kumba gained 4.86 percent to R172.24.

In industrials, Bidvest rose 4.8 percent to R183.02 and Steinhoff was 2.75 percent higher at R75.98. MTN Group was up 2.49 percent to R125.85 and Telkom gained 1.15 percent to R72.32.

Rolfes Technology Holdings rose 10.86 percent to R4.49. Sasol climbed 4.66 percent to R399.34.

Harmony Gold Mining Company shares dipped 7.11 percent to R27.45. Pan African Resources slid 5.86 percent to R2.73. Endit