South African futures gain on solid rand and positive political sentiment
South African futures were higher on Monday, as the market took an upbeat view of political developments and as locally focused shares benefited from the stronger rand.The clock was officially running out for President Jacob Zuma, with the ANC national executive committee (NEC) now having agreed that he should step down.Miners were lower, led by the gold index on a flat metal price at $1,333 an ounce and as the dollar regained some lost ground against the euro.The all share closed 0.27% higher at 61,078.30 points and the blue-chip top 40 added 0.2%. Banks rose 2.48%, financials 0.98%, general retailers 0.97% and industrials 0.22%. The gold index shed 2.23%, resources 0.46% and platinum 0.15%.Global markets were struggling for direction on the day as politics remained firmly in the spotlight, Dow Jones Newswires reported. Investors also juggled a fresh round of corporate financial updates.The euro advanced against the dollar, as the US government remained in shutdown mode. Saturday’s...
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