JOHANNESBURG, Oct. 27 (Xinhua) -- Share prices on the Johannesburg Stock Exchange (JSE) closed firmer on Friday, as financial and bank stocks recouped and the South Africa's rand slightly regained after a medium-term budget.
South Africa's Finance Minister Malusi Gigaba presented a medium-term budget on Wednesday which failed to inspire confidence among investors. Many experts interviewed by Xinhua after the mini budget presentation were of the opinion that South Africa will be heading for another downgrade.
At close of session, the all share index was 0.24 percent higher at 58,714.04 points and the blue-chip top 40 was also up 0.25 percent to 52,403.45 pints. Food and drug retailers rose 0.86 percent, industrials 0.8 percent, property 0.36 percent, platinum dropped 0.47 percent and financials added 0.69 percent. Resources tumbled 1.7 percent.
The local unit was stronger against major currencies on Friday afternoon, despite better-than-expected U.S. economic growth data for the third quarter.
The South African rand was R14.15 to the dollar from Thursday's R14.23, at R16.37 to the euro from R16.58, and at R18.51 to the pound from R18.72.
Anglo American shed 2.17 percent to R261.79.
Among rand hedges, Anheuser-Busch InBev rose 0.16 percent to R1,692.5 and Richemont 0.42 percent to a record R130.32.
In the banking sector, Barclays Africa rose 1.96 percent to R138.97 but FirstRand shed 0.9 percent to R51.66, Standard Bank advanced 1.3 percent to settle at R162.09.
Struggling cement producer PPC gained 2.41 percent to R6.8 after Swiss building material group LafargeHolcim emerged as a rival bidder to Fairfax and AfriSam.
Among property stocks, Redefine dropped 0.57 percent to R10.52, Resilient 0.68 percent to R138.47 and Capital & Counties 0.63 percent to R47.77.
Naspers climbed 1.03 percent to R3,407.75. Enditem
