Financial stocks weigh on the bourse
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.