South African stocks weaker on banking losses

The Johannesburg Stock Exchange (JSE) closed weaker on Thursday. The banking index was the biggest loser with the rand slightly weaker amid uncertainty about mixed signals from the U.S. Federal Reserve.

The all share was 0.56 percent in the red, weighed down by the weaker banking (-2.24 percent), financial (-1.40 percent) and industrial (-0.77 percent) indices.

But platinums were up 4.05 percent and gold stocks were 3.70 percent firmer thanks to precious metals prices spiking.

The South African rand was trading at R13.57 to the U.S. dollar, R16.72 to the British pound and R14.33 to the euro at 5:00 pm (CAT). Gold had strengthened to sell at 1,177.96 U.S. Dollars an ounce.

In banking index, First Rand lost 2.81 percent to R52.65, Barclays Africa lost 2.85 percent to R166.8 and Standard Bank lost 1.68 percent to R149.01.

Clothing retailers were also weaker with Wool Worths down 2.51 percent at R69.09.

Platinum miner Lonmin surged 8.69 percent to R29.9. Gold producer Harmony was up 5.59 percent to R30.02 and Sibanye Gold was 3.94 percent firmer at R27.14. Endit