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JSE closes lower as blue-chip stocks remain under pressure
From:Xinhua  |  2017-12-14 00:56

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JOHANNESBURG, Dec. 13 (Xinhua) -- The Johannesburg StockExchange (JSE) closed lower on Wednesday, as a handful of blue-chipstocks remained under severe pressure.

The all share index was down 0.31 percent to 57,344.41 points atclose; the benchmark top 40 index fell 0.31 percent to 51,151.27points.

The resources index was the only major index to close in thegreen as it gained 0.12 percent. The industrials index lost 0.56percent while the financials index climbed 0.43 percent.

The drops in PSG's share price have come since Markus Joosteresigned as Steinhoff International CEO last Wednesday amidaccounting irregularity allegations.

Steinhoff shares were particularly volatile, pushing up nearly20 percent at one stage in the session before settling back to again of 6 percent, at R11.82.

Gold miners gained 1.71 percent and platinums tumbled 2.33percent, hovering at the weakest point since February 2016, at874.71 U.S. dollars an ounce. The spot gold was down 0.24 percentat 1,248.86 dollars.

Financial stocks held up reasonably well, as did retailers, inline with a stable South African rand.

Naspers, the highest-priced share on the local market, was down0.59 percent to R3,479.39.

AngloGold Ashanti slipped 2.24 percent to R121.22, Gold Fields2.36 percent to R49.62, and Impala Platinum 4.61 percent to R29.Lonmin rose 12.01 percent to R12.5, after announcing it hadcompleted the acquisition of Pandora mine earlier in the day.

FirstRand was up 1.72 percent to R54.44 and Standard Bankregained 1.56 percent to R170.19.

Technology group EOH rose 12.81 percent to R55.22, following theannouncement that the company's former CEO, Asher Bohbot, wouldreturn to the business on a full-time contract.

Food producer AVI was up 1.77 percent to R105.52 and PioneerFoods 1.95 percent to R123.82. Enditem