S. Africa's JSE remains weaker despite economic rebound news

JOHANNESBURG, Jan. 11 (Xinhua) -- Share prices on the Johannesburg Stock Exchange (JSE) closed weaker on Thursday, despite positive news that South Africa's economy may grow 2 percent or more this year if the government takes the right policy decisions.

The country's economy slipped into recession in the first quarter of 2017, then rebounded in the next two quarters, although it is expected to slow down, mainly due to policy and political uncertainty.

The all share was 0.62 percent lower at 59,606.02 and the blue-chip top 40 lost 0.65 percent to 52,824.8 points. Banks lost 2.07 percent, food and drug retailers 1.54 percent, financials 1.48 percent, and industrials 0.77 percent. Resources added 0.75 percent.

Global luxury goods company Richemont declined 0.04 percent to R114.55. It said sales in the third quarter to end-December increased 7 percent at constant exchange rates and 1 percent at actual rates, compared to the prior year period.

FirstRand was down 3.11 percent to R61.04.

Under pressure, Naspers was down 1.46 percent to R3,562.06.

The local unit rand was marginally lower on Thursday afternoon at the close after the dollar recovered slightly after weakening following reports that China was considering cutting purchases of U.S. treasuries.

The South Africa's rand was at R12.43 to the U.S. dollar from R12.43, at R14.97 to the euro from R14.85 and at R16.81 to the pound from R16.80. Enditem