S. African stocks inch up ahead of holiday

SA stocks
SA stocks

Share prices on the Johannesburg Stock Exchange (JSE) closed marginally firmer on Friday ahead of the holiday weekend, assisted by a weaker rand.

The South Africa’s rand was last seen at Thursday’s closing levels of about R12.75 to the U.S dollar, having come off its high of R12.52 earlier in the week, when it became evident that Cyril Ramaphosa was going to be elected as the new ANC president. On Friday its traded 12.62 to the dollar.

The JSE all-share index was 0.05 percent higher for the day at 58,800.23 points, the blue-chip top 40 traded 0.04 percent lower at 52,063.77 points. The market was driven by industrial stocks gaining 1.88 percent, and resources 1.70 percent. Financials traded waters on Friday, it dropped 0.13 percent because of the weaker local unit.

Sasol gained 1.42 percent to R418.87 while the price of Brent crude was down 0.2 percent at 64.62 U.S. dollar a barrel.

Steinhoff International was recently dogged by allegations of accounting irregularities and the resignation of its CEO Markus Jooste, advanced 2.4 percent to R4.68.

Wiese’s sale of another R868m of Shoprite shares on Friday, together with news of a country-wide strike at its stores, drove the shares 0.8 percent lower to R204.50.

Vodacom was among the day’s biggest losers, dropping 3.73 percent to R140.80, followed closely by Investec Property Fund traded 3.35 percent lower to R15.59.

In mining shares, Sibanye-Stillwater rose 1.58 percent to R14.79, Anglo American Platinum 2.41 percent to R346.99, and Kumba Iron Ore by 3.32 percent to R371.36. Enditem

Source: Xinhua/NewsGhana.com.gh

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