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South African bourse closes higher ahead of national budget speech

Xinhua, February 21, 2017 Adjust font size:

The Johannesburg Stock Exchange (JSE) closed slightly higher on Monday ahead of the national budget speech on Wednesday.

The all share was 0.64 percent up at 52,558.61 points and the blue-chip top 40 was up 0.96 percent.

The gold miners lost 3.85 percent while banks and financials lost 0.59 percent and 0.24 respectively.

Shoprite and Steinhoff international led the gains on the JSE after they called off their proposal to merge into Retail Africa.

Shoprite gained 8.64 percent to R188 and Steinhoff gained 4.96 percent to R70.11.

Rand-hedge stocks were down, British American Tobacco tumbled 0.07 percent to R808.01 while Richemont climbed 0.98 percent to R98.59.

Among banks, Standard Bank lost 0.92 percent to R145 and First Rand lost 0.71 percent to R51.53.

Among the gold miners, Gold Fields shed 3.76 percent to R43 while AngloGold Ashanti dropped 4.24 percent to R165.83. Endit