Fi­nan­cial stocks weigh on the bourse

The Star Early Edition - - PRICES - Reuters

FI­NAN­CIAL shares were weaker yes­ter­day as cabi­net reshuf­fle ru­mours weighed on bank­ing stocks for a sec­ond ses­sion.

The bench­mark JSE Top40 in­dex slid 0.64 per­cent to 45 851.78 points. The broader all share in­dex de­clined 0.59 per­cent to 52 660.94 points.

Most of the blue chip stocks closed lower, with the banks and MTN the big­gest losers.

Bank­ing shares had lost ground on the cabi­net reshuf­fle spec­u­la­tion, said San­lam Pri­vate Wealth di­rec­tor, Greg Katzenel­len­bo­gen.

The bank­ing in­dex shed 1.4 per­cent to 7 333 points, with Stan­dard Bank lead­ing the de­cline, clos­ing 2.21 per­cent lower on R142.54.

MTN also lost ground, shed­ding 3.45 per­cent to R124.02. The shares fell on wor­ries about earn­ings in Nige­ria, its largest mar­ket, as the Nige­rian cur­rency weak­ened to more than 500 against the dol­lar on the black mar­ket, Katzenel­len­bo­gen said.

Bul­lion pro­duc­ers rose as the price of gold gained sup­port from the un­cer­tainty cre­ated by US Pres­i­dent Don­ald Trump’s move to ban travel to the US from seven Mus­lim-ma­jor­ity coun­tries. Har­mony Gold gained 5.82 per­cent to R33.80 af­ter flag­ging a sharp jump in half-year earn­ings, and

An­gloGold Ashanti rose 4.51 per­cent to close at R166.70.

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