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South African bourse closes in red as gold stocks rally

Xinhua, May 17, 2017 Adjust font size:

The Johannesburg Stock Exchange (JSE) closed weaker on Wednesday as gold stocks rallied on a weaker U.S. dollar.

The gold price gained 1.68 percent to 1,257.26 dollars an ounce as the South Africa's rand retreated to R13.2 to the dollar at the close of session.

The dollar tumbled against the euro as investors fled to gold as a safe haven.

Naspers gained 2.06 percent to a record R2,725.

The all share was down 0.04 percent at 54,001.94 but the blue-chip top 40 added 0.16 percent. The gold index rose 4.32 percent and platinums gained 0.1 percent. Resources were up 0.46 percent. General retailers shed 1.89 percent and banks were down 1.76 percent.

AngloGold Ashanti was up 5.67 percent at R156.99, with Harmony gaining 4.11 percent to R31.14. Anglo American Platinum rose 3.61 percent to R331.74.

Among gold stocks Sibanye rose 1.82 percent to R28.48. Harmony lifted 3.41 percent to R30.93.

Among retailers Mr Price dropped 2.35 percent to R144,5 and TFG dropped 4.44 percent.

Vodacom added 0.19 percent to R160.26. Endit