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JSE extends gains as S. African rand tumbles

Xinhua, April 5, 2017 Adjust font size:

The Johannesburg Stock Exchange (JSE) extended gains on Wednesday as the South Africa rand plummeted following axing of former Finance Minister Pravin Gordhan.

The all share index was up 0.63 percent to 52,990.08 points, as the local currency weakened nearly 2 percent to the U.S. dollar, boosting shares of companies that make most of their money overseas.

The resources sector led the change, boosted in part by high dollar-denominated commodity prices.

Among some individual stocks on the JSE, with BHP Billiton rallying 5.23 percent to R221.41 and Anglo American climbing 3.71 percent to R214.8.

Sasol was up 2.04 percent to R413.41, with Assore gaining 4.55 percent to R273.3 . ArcelorMittal gained 3.16 percent to R10.11 while Imperial lost 3.73 percent to R154.99.

Among financials, Barclays Africa lost 3.91 percent to R133.58, FirstRand lost 3.39 percent to R44.15 and Standard Bank dropped 2.75 percent to R138.5.

Sanlam dropped 5.71 percent to R63.69, with Liberty Holding shedding 5.27 percent to R102.18.

Woolworths was off 2.51 percent to R68.86 and TFG lost 2.84 percent to R149.63. Mr Price lost 2.65 percent to R150.02. Endit