Rand down with in­vestors wary of risk

Weekend Argus (Saturday Edition) - - LIFE -

THE rand gave up ground to the dol­lar yes­ter­day, largely re­flect­ing a dip in in­vestors’ ap­petite for risk, while stocks fell across the board, tracking lower world mar­kets.

At clos­ing the rand was trad­ing at 7.5995 against the dol­lar, down 0.79 per­cent.

“We’ve seen stocks come off and we’ve also seen the dol­lar strengthen across the board against the cur­ren­cies,” said RMB trader Brigid Tay­lor. The cen­tral bank, fi­nance min­istry and trade unions have all warned the rand’s gains of more than 20 per­cent against the dol­lar this year could hurt the econ­omy, but the gover nment has stressed it will stick to a free float­ing ex­change rate.

The Jo­han­nes­burg Top-40 in­dex lost 0.47 per­cent to 24 338.36 points, while the broader All-Share in­dex slipped 0.48 per­cent.

The Dow Jones In­dus­trial was down 0.32 per­cent, while the FTSE 100 in­dex was 0.12 per­cent lower, shortly af­ter the Jo­han­nes­burg bourse’s close.

Pick n Pay was the big­gest loser, shed­ding 2.74 per­cent to R39.81, fol­lowed by San­lam, which slipped 2.48 per­cent to R21.59. Avusa dropped 7.51 per­cent to R16.01.

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