JOHANNESBURG - South African futures were firmer on Monday after the JSE all share closed higher on the weaker rand‚ boosting mining stocks and rand hedges.
Standard & Poor’s downgrading of SA’s sovereign rating came in the late afternoon after the JSE closed. S&P downgraded SA’s status to junk‚ after previously indicating it would make its announcement in June.
The rand was at R13.6579/$ in early evening trade after weakening to R13.7203/$ on S&P’s announcement.
The all share closed 0.77 percent higher at 52‚457.80 and the blue-chip top 40 added 0.87 percent. The gold index rose 3.96 percent and food and drug retailers added 2.26 percent.
Platinum rose 1.55 percent‚ resources gained 1.53 percent and industrials added 0.81 percent. Banks ended the day 0.20 percent softer.
The Dow was 0.42 percent weaker at the JSE’s close.
At 5.49pm‚ the local near-dated top-40 Alsi futures index was 0.64 percent higher at 46‚061 points. The number of contracts traded was 32‚929 from Friday’s 27‚109.
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