JSE closes higher, lifted by a weaker rand


The Johannesburg Stock Exchange (JSE) gained on Friday as the South African rand tumbled R13.95 to the U.S dollar.

The South Africa’s unit which was unaffected by the Reserve Bank’s decision to keep rates on hold on Thursday, weakened on Friday morning ahead of ratings decisions scheduled for the day.

The local unit remained below R14 to the dollar following the repo rate decision which was kept unchanged at 6.75 percent.

Banks retreated ahead of the long-awaited decisions on SA’s debt rating by Moody’s and SP Global Ratings. The country’s rand-denominated debt could be relegated to sub-investment grade, or so-called junk status, an outcome that could increase the cost of borrowing frombanks.

The all share was up 0.04 percent to 60,323.95 points by close of session, with the blue-chip top 40 index flat at 53,998.14 points. The gold and platinum stocks gained 0.61 percent and 2.30 percent, respectively.

Kumba Iron Ore was up 2.24 percent to R322.70 and Sasol lost 0.44 percent to R430.22.

AngloGold Ashanti was up 1.55 percent to R144.72, Gold Fields 1.94 percent to R58.82, and Sibanye 1.09 percent to R19.41.

Woolworths gained 4.18 percent to R57.57 while Steinhoff Africa Retail eased 0.2 percent to R55.89.

Construction group Murray & Roberts shed 2.64 percent to R12.56.

Naspers gained 1.51 percent to R3,761. Enditem

Source: Xinhua/NewsGhana.com.gh

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