Rand weak­ens against dol­lar, lacks di­rec­tion

Weekend Argus (Saturday Edition) - - ISSUES -

THE RAND weak­ened against a resur­gent dol­lar yes­ter­day but was largely lack­ing di­rec­tion in the ab­sence of key data lo­cally, while fi­nan­cial and min­ing shares dragged the lo­cal bourse lower.

Gov­ern­ment bonds firmed and the rand was trad­ing at 7.4175 against the dol­lar at 1545 GMT, 0.5 per­cent weaker than its pre­vi­ous New York close of 7.3795.

On the bourse, the JSE Top-40 in­dex of blue chips slipped 0.9 per­cent to 25 278.60 points and the broader All-share in­dex shed 0.76 per­cent at 27 929.22 points.

The JSE fi­nan­cial in­dex closed 0.5 per­cent lower with bank­ing group Absa down 1.30 per­cent at R129.30, In­vestec Plc lost 3.11 per­cent at R53.50 and in­surer Old Mu­tual dropped 3.07 per­cent at R13.27.

Most South African min­ing stocks were lower, with An­glo Platinum fall­ing 4.04 per­cent to R772 and gold miner Har­mony dip­ping 3.32 per­cent to R75.60 as the gold price dropped.

Gain­ers in­cluded prop­erty firm Growth­point, up 1.43 per­cent at R14.15 and Lib­erty Hold­ings climbed 2.60 per­cent to R67.20. – Reuters

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