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South African stocks close higher as financials rebound

Xinhua, February 24, 2017 Adjust font size:

The Johannesburg Stock Exchange (JSE) closed higher on Thursday, with a rebound in financial and bank stocks.

The all share index was up 0.18 percent to 52,183 points, as banks and broader financial stocks rebounded by 0.85 percent and 0.74 percent respectively. Industrials dropped 0.04 percent.

Corporate earnings results were in full swing, with British American Tobacco lost 1.11 percent.

The South African rand touched R12.87 to the U.S. dollar, which was close to its best level since 2015, a day after the presentation of the national budget.

Platinum and gold producers were down, weighed down by a stronger rand.

Global resources miner and trader Glencore was up 3.78 percent to R55.18 but AngloGold Ashanti shed 1.76 percent to R155.01 and Sibanye climbed 1.97 percent to R28.61.

Impala Platinum slid 4.63 percent to R47 after reporting an interim loss and Lonmin gave up 2.51 percent to R20.22.

Discovery was up 4.35 percent to R124.7 after posting a 13 percent rise in normalized profit from operations. Sanlam gained 3.4 percent to R68.78. Woolies was up 1.38 percent to R70.7. Endit