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Johannesburg Stock Exchange closes firmer with gains in gold miners

Xinhua, December 20, 2016 Adjust font size:

The Johannesburg Stock Exchange (JSE) was firmer on Monday as consumer and industrial shares held steady while the rand firmed against a weakening dollar.

The JSE all-share index was 0.38 percent higher on Monday at 49,880.99 points.

Platinum and palladium prices edged down, but the gold mining and platinum and precious metals indices firmed. A 2.09-percent rise in gold miners led gains almost across the board except for resources.

Spot gold gained from the softer dollar and was trading 0.5 percent better at 1,139.54 U.S. dollars an ounce, while spot platinum was lagging with a 0.33-percent decline to 919.4 U.S. dollars an ounce.

On the JSE, South32 shed 2.96 percent to R27.17 after forecasting lower output and higher costs from its Illawarra metallurgical coal complex in Australia after production disruptions.

ABInbev was up 2.24 percent to 1455.35 after news that it would sell its 26.4 percent stake to the Public Investment Corporation.

DRD Gold climbed 7.61 percent to R6.22.

Old Mutual, which is raising money through the sale of part of its stake in Old Mutual Asset Management, added 3.9 percent to R34.34.

In the foreign exchange market, the rand was trading marginally firmer between R14.03 and R14.07 to the U.S. dollar, around R17.4 to the sterling and R14.69 to the euro. Endi