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S. African stocks close weaker on Wednesday

Xinhua, February 8, 2017 Adjust font size:

The Johannesburg Stock Exchange (JSE) extended losses on Wednesday amid heightened speculation ahead of President Jacob Zuma's state of the nation address on Thursday night.

Investors are eagerly waiting to hear the tone of the speech when he addresses Parliament amid mounting speculation that he might reshuffle his Cabinet, including removing Pravin Gordhan as finance minister.

The all share was off 0.73 percent to 51,803.48 points, dragged down by financial stocks and industrials.

The constituent indices were mostly lower, save for resources, which bucked the trend on account of relatively higher commodity prices. Platinum was up 0.83 percent to 1,010.68 U.S. dollars an ounce.

Anglo American was up 0.63 percent to R222.5 but BHP Billiton shed 2.61 percent to R226.93.

AngloGold Ashanti was up 1.86 percent to R180.37, Gold Fields gained 1.8 percent to R49.12, and Harmony rallied 3.99 percent to R38.8. Sibanye Gold shed 1.05 percent to R 37.7.

Standard Bank dropped 1.59 percent to R140.19 and FirstRand giving up 0.62 percent to R30.07.

Rand-hedge stocks were mixed, with British American Tobacco gaining 1.46 percent to R843.21 but Richemont losing 1.32 percent to R99.49. Endit