South African stocks close weaker

The Johannesburg Stock Exchange (JSE) 0.23 percent lower on Wednesday, after gold mining shares fell 3.95 percent and resources lost 3.16 percent.

The rand was relatively unchanged against the major currencies by 5 p.m. local time, with a U.S. dollar costing R14.27, a British pound costing R18.77 and a euro costing R15.71.

The gold dropped 0.95 percent to sell at 1318.91 dollars an ounce.

Gold, which has risen 25 percent this year, is highly sensitive to rising rates, which increase the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced.

The industrial sector pumped along, boosted by the likes of Shoprite and Tiger Brands. These left the all share index flat (0.23 percent) at 52,837.86 points at close of session. The blue-chip Top 40 slid at 0.03 percent.

The poorly received quarterly output numbers from the Anglo American stable and BHP Billiton weighed on the resources sector, though a strong dollar proved less favourable to metal prices.

Anglo American, which has more than doubled in value this year, gave up 6.59 percent to R143.84.

Glencore was off 2.35 percent to R32.19 and Kumba Iron Ore dropped 6.37 percent to R119.85. Diversified industrial group Barloworld dropped 2.76 percent to R77.89 while Gold Fields dropped 3.70 percent to R83.49.

Ranking in the top ten losers was Impala Platinum Holdings, whose shares dipped 7.41 percent to R50.00.