South African stocks close higher, led by big industrials

The Johannesburg Stock Exchange (JSE) closed higher on Tuesday led by big industrial companies assisted by the strength of the South African rand.

The currency of Africa's most industrialized economy extended its gains to 1.3 percent after the growth data was released. The rand traded at 14.1890 per dollar at 1023GMT versus overnight close of 14.3800.

The South African economy grew a seasonally adjusted and annualized 3.3 percent in the second quarter, from a 1.2 percent contraction in the first quarter, according to Statistics SA.

The all share index was relatively flat (-0.11 percent) at 53,680.43 points, with the top 40 dropping 0.15 percent, but banks and platinum stocks stacked up relatively well, as did retailers and food producers on account of a stronger rand.

The market remains on its toes and subdued over the timing and extent of possible U.S. interest-rate raise later in the year.

Among some individual counters, Anglo American was up 1.36 percent to R158.31, but BHP Billiton lost 2.19 percent to R188.24.

British American Tobacco dropped 1.22 percent to R901.66 while transport and logistics group Imperial gained 1.01 percent to R162.

AngloGold Ashanti climbed 2.15 percent to R244.53 and Harmony lost 0.57 percent to R55.95

Truworths was up 2.2 percent to R77.67, with Woolworths gaining 1.73 percent to R82.50 and Mr Price gaining 2.14 percent to R166.50. Tiger Brands was up 1.92 percent to R398.50 and Pioneer Foods rallied 4.11 percent to R175.69.

Source : XINHUA