9%

“The recent gains of the rand against the US dollar led to widespread losses in the South African agricultural commodity markets this week. On average, these losses were marginal in all crops. The most notable losses were on the white maize market, with a spot price down by an average 2 percent compared to the previous week. All other grains and oilseeds were down by an average 1 percent from the previous week,” Sihlobo said.

On Friday, the benchmark Top-40 index eased down 0.55 percent at 45 485 points, while the broader All-share index lost 0.56 percent to 52 204 points.

Gold mining stocks were 0.35 percent lower and resources were 0.40 percent lower with Harmony Gold dropping 1.24 percent to R31.03 while Sibanye Gold came down 0.87 percent to R29.60 at the close of trade.

Momentum SP Reid analysts said the nervousness surrounding the upcoming French election continued to be an element which determined overall market sentiment,

“Global commodity prices continue to gradually lose traction despite the weaker greenback. The technical action clearly confirms nervousness from investors with regard to the overall macroeconomic outlook in Asia,” S&P said.

Old Mutual head of equities boutique, Peter Linley, said the local markets had shown resilience in the past two weeks

“The local market has largely been shrugging off local political uncertainty.”