S. African stocks close weaker, led by gold miners

Gold stocks took a big hit on the Johannesburg Stock Exchange (JSE) on Thursday in a broad-based sell-off that tracked global markets.

Gold miners reacted to a much weakened gold price, after the U.S. Federal Reserve signaled three instead of two interest-rates rises next year.

The Fed's hawkish stance boosted the U.S. dollar, weakening the prices of gold and other precious metals. The gold price has sunk more than 20 U.S. dollars to lows of 1,136.49 U.S. dollars an ounce since Thursday when the Fed announced an expected 25-basis point interest-rate rise.

Gold miners plummeted 8.62 percent, dragging the all share down 2.02 percent to 49,691.31 points at close of session.

A materially weaker rand limited the downside though as it supported the big industrial stocks while hitting banks and retailers.

The South Africa rand hovered around R14.1 to the U.S. dollar, from highs of R13.58 before the Fed decision.

On the JSE, Anglo American fell 4.65 percent to R199.65, BHP Billition 2.92 percent to R228.01 and African Rainbow Minerals 6.09 percent to R98.43.

Harmony Gold 4.65 percent to R27.31.

Industrial group Bidvest gave up 2.78 percent to R173 and Richemont was down 1.27 percent to R89.38.

Anglogold Ashanti slid 134.02 percent to R134.02. Endit