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South African stocks close firmer as rand retreats

Xinhua, May 18, 2017 Adjust font size:

South Africa's rand retreated on Thursday, leaving the all share index up 0.46 percent at 54,197.12 points at close of trade.

The blue-chip top 40 index was 0.56 percent stronger to 47,769.43 points. The financial index lost 0.2 percent, while the resources index gained only 0.64 percent despite the weaker rand.

Gold shares lost 0.77 percent as investors started to take profit. The gold spot price was 1.56 percent lower at 1 253.43 U.S. dollars per ounce.

The South African rand dropped nearly 2 percent to the dollar and weakened sharply against the euro and British pound as the investors envisaged a hard Brexit.

Banks were weaker 0.68 percent while retailers was 1.55 percent down.

Among individual stocks on the JSE, British American Tobacco was down 0.05 percent to R936.45, with Mediclinic rising 2.89 percent to R151.46

Firstrand bank lost 0.2 percent to R49.4.

Richemont which lost almost 6 percent over the past week after disappointing results, traded 1.62 percent firmer at R110.37.

Steinhoff traded 3.16 percent higher at R69.12. The group announced Wednesday that it will list its retail interests in Africa, including Pep stores and the JD group, separately. Endit