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South African stocks close in red as rand rebounds

Xinhua, March 30, 2017 Adjust font size:

Shares on the Johannesburg Stock Exchange (JSE) tumbled on Thursday as the rand rebounded from recent losses.

The South Africa rand was trading at R12.84 to the U.S. Dollar at close of market, but fears are high that the local unit can drop if President Zuma goes ahead with his plan to reshuffle the cabinet.

The all-share index was 0.35 percent lower at 52,261 points, as the resources index dropped 0.47 percent and the industrial index shed 1.09 percent.

The blue-chip top 40 index gained 0.54 percent to 45,159 points by close of trading. The financial index was 0.54 percent stronger, and the banks regained 1.13 percent.

Among individual stocks, Sasol was off 0.02 percent to R382.84, while AngloGold Ashanti lost 3.95 percent to R138.41 and Sibanye dropped 3.54 percent to R28.06.

FirstRand rose 1.57 percent to R49.1, with Standard Bank gaining 1.96 percent to R153.81.

Internet and video entertainment group Naspers was off 1.01 percent to R2,300.96. Endit