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JSE rush on gold shares continues

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Johannesburg - The rush into gold shares on the JSE to cash in on the collapsing rand continued on Friday morning while serious investors, including foreign investors, are leaving the financial sector in droves.

The news that President Jacob Zuma replaced Minister of Finance Nhanhla Nene with the unknown David van Rooyen continued to send shock waves through the market with the rand almost touching R16.00 to the dollar by midday, trading at R15.90.

This is bad news for financial shares, with the Financial index losing another 5.09% by midday, but wonderful news for the embattled gold mines which will now earn much more in rand for their gold which is priced in dollar.

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ZAR/USD
17.63
(-0.04)
ZAR/GBP
23.01
(-0.05)
ZAR/EUR
20.79
(-0.01)
ZAR/AUD
12.62
(-0.03)
ZAR/JPY
0.17
(-0.01)
Gold
2034.21
(+0.05)
Silver
28.28
(+0.09)
Platinum
961.50
(+0.38)
Brent Crude
44.55
(-1.53)
Palladium
2166.01
(+0.63)
All Share
56757.73
(-1.56)
Top 40
52435.65
(-1.72)
Financial 15
9897.96
(+0.10)
Industrial 25
74671.49
(-1.98)
Resource 10
58948.78
(-1.89)
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