South African stocks close firmer

Shares on the Johannesburg Stock Exchange (JSE) closed higher on Wednesday, despite an axe hanging over Finance Minister Pravin Gordhan and his deputy, Mcebisi Jonas.

By close of the trading session, the cabinet was in a meeting, amid allegations that the two ministers will lose their jobs.

However, Banks and financials indices were under pressure along with a weaker rand, over a possible Cabinet reshuffle.

The all share was up 0.26 percent at 52,444.78 points. Banks were down 2.45 percent, financials lost 0.99 percent, and general retailers lost 0.27 percent. Platinums were 0.38 percent weaker, gold miners were up 0.23 percent and resources were 1.02 percent firmer.

Diversified miners were mostly up, led by BHP Billiton up 2.2 percent to R202.58.

Rand hedges were firmer led by British American Tobacco which rose 0.97 percent to R852.59, Richemont following with a 0.59 percent increase to R101.88.

Among the banks, the big four banks' losses were led by FirstRand, down 3.72 percent to R48.34, while Standard Bank shed 2.85 percent to R150.85.

MMI Holdings was 3.63 percent down to R24.15 and Sanlam shed 0.72 percent to R69. Endit