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S.African stocks close higher as rand tumbles

Xinhua,December 08, 2017 Adjust font size:

JOHANNESBURG, Dec. 7 (Xinhua) -- The Johannesburg Stock Exchange (JSE) closed higher on Thursday, buoyed by the weaker local unit and a rebound in resources.

The industrial stocks and resources rebounded from a recent sharp sell-off, a development that provided some absorbing to the blow in the local bourse market.

The local currency tumbled against the greenback, amid uncertainty around the outcome of the ANC's succession race.

The all share index was marginally higher 0.01 percent to 58,013.18 points at close of session, with the top 40 gaining 0.16 percent to 51,565.57 points.

Industrials recovered 0.01 percent, gold miners, meanwhile, gained 0.85 percent.

Banks were in red at 1.03 percent in line with a weaker rand, but insurance stocks broadly held up, with Sanlam a standout performer, its share traded at 1.48 percent to R81.81. This follows a day after releasing its operational update.

Steinhoff International Holdings was off 43.21 percent to R10, Steinhoff Africa Retail dropped 14 percent to R16.30 and Shoprite 3.57 percent to R17.

PSG declined 2.75 percent to R268.80 and Brait 5.21 percent to R40.02.

Standard bank was off 2.29 percent to R179.44 and FirstRand eased 0.43 percent to R57.37.

Vodacom dropped 2.52 percent to R141.11 and MTN 1.47 percent to R128.33. EOH tumbled 34.65 percent to R45.

But Naspers was up 2.52 percent to R3,532.02

AngloGold Ashanti was off 2.72 percent to R122.60 but Impala Platinum gained 4 percent to R32. Exxaro was up 2.32 percent to R144.66. Enditem