South African stocks close lower as rand firms

JOHANNESBURG, Dec. 5 (Xinhua) -- Share prices on the Johannesburg Stock Exchange (JSE) took a breather on Tuesday, pulled down by a considerable number of big industrial and resource stocks.

Naspers, which is far by the biggest share on the local bourse, dropped 3.03 percent to R3,520 following the Hong Hong-listed Tencent, in which it holds about third.

The all share index closed down 1.06 percent to 58,977.23 points, while the blue-chip top 40 eased 1.25 percent. Financials again closed in the green, gaining 0.12 percent, while Industrials lost, ending the day down 1.44 percent.

Another big industrial share, Steinhoff, is trying hard to convince the market about the accounting irregularity claims. The company has on several times denied any irregularity.

In a statement on Monday, Steinhoff said it would press ahead with the release of its results for the year to end-September in an unaudited form on Wednesday, notwithstanding the expectation that the finalization of a German investigation is on the way.

The local currency firmed to R13.5 against the greenback, on signs that Deputy President Cyril Ramaphosa was doing well in the race to become the next leader of the ruling African National Congress (ANC).

Rand-sensitive retailers were well supported, but banks were patchy, suggesting that the market was adopting a wait-and-see approach as local politics played out.

Anglo American lost 3.05 percent to R247.72, BHP 2.07 percent to R244.6, AngloGold Ashanti 1.99 percent to R131.88 and Gold Fields 5.48 percent to R53.11.

Anglo American Platinum shed 2.93 percent to R248.01 and Lonmin 4.25 percent to R10.82. Mondi shed 1.93 percent to R309.23.

Steinhoff tumbled a hefty 9.15 percent to R45.65, its lowest level since 2014.

Aspen, which was under severe pressure, dropped 3.79 percent to R289. Enditem