South Africa stocks close weaker ahead of ANC elective conference

JOHANNESBURG, Dec. 15 (Xinhua) -- South African stocks closed weaker ahead of the ruling ANC party's conference over the weekend.

The Johannesburg Stock Exchange (JSE) closed weaker on Friday, pulled down by big industrial stocks. The all-share index was off 0.75 percent to 57,412.76 points at close of session, as big industrial stocks, such as Naspers, retreated after a volatile week in the local share market.

Banking and insurance stocks were under pressure, suggesting caution heading into the ANC's elective conference at the weekend, set to be a watershed event for SA.

The South Africa rand was much firmer against the dollar at the close after a trading at R13.30 to the dollar ahead of the start of ANC conference at the weekend.

Meanwhile, the value of Steinhoff shares dropped 8.63 percent to R8.15, in a sell-off that affected a number of associated stocks. PSG Group slid 2.64 percent to R243.41 and Brait 2.65 percent to R37.77. Naspers, the highest-priced share on the local market, was down 3.09 percent to R3,310.

FirstRand dropped 1.7 percent to R56.01, Barclays Africa rose 1.12 percent to R161.84. Sanlam dropped 2.37 percent to R78.8 and MMI Holdings 2.19 percent to R19.63.

Mining shares generally held up well, with AngloGold Ashanti eased 3.71 percent to R122.89, Gold Fields 3.17 percent to R51.81, and Sibanye-Stillwater 3.47 percent to R15.49.

Vodacom lost 1.58 percent to R141.73 and MTN added 10.7 percent to R133.14.

Cement producer PPC was up 5.16 percent to R6.11 and WBHO 5.05 percent to R149.80.

Barloworld lost 5.02 percent to R145.23. Enditem