S. African stocks close lower as rand firms

JOHANNESBURG, Nov. 28 (Xinhua) -- Share prices on the Johannesburg Stock Exchange (JSE) closed lower for the second consecutive day on Tuesday, weighed down by the sudden firmness of the South African's rand.

The local unit traded at 13.71 to the U.S. dollar despite news that Standard and Poor's has downgraded the credit rating of local bonds for sub-investment status. The S&P Global Ratings cited sluggish economic prospects and a deteriorating fiscal position when it lowered South Africa's rand-denominated debt.

In October, the South Africa reserve bank noted that GDP growth was unlikely to be maintained at levels achieved in the second quarter.

The all share was down 0.12 percent to 60,082.79 points at close, while the top 40 index was 0.31 percent lower at 53,645.44 points. However, banks added 1.78 percent, following a stronger rand environment and lower government bond yields.

The Industrial index, with many big dual-listed shares, was 0.14 percent higher because of a recovery by Naspers but the resources index lost 2.08 percent. The financial index was 1 percent higher.

Bidvest, a diversified industrial group, was up 4.24 percent to R196.47 and Barloworld 2.47 percent to R145.78. Spar lifted 5.03 percent to R193, Truworths 4.74 percent to R80.65 and TFG 4.95 percent to R163.38. Clicks gained 2.26 percent to R173.84.

Food producer Tiger Brands advanced 3.41 percent to R410.52 and Bid Corporation 4.75 percent to R292.25.

Barclays Africa was up 2.77 percent to R158.89 and Standard Bank 1.71 percent to R175.15. Enditem