Rand weakens against dollar, lacks direction
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