Rand con­tin­ues to take dol­lar pum­melling

Weekend Argus (Saturday Edition) - - PEOPLE -

STOCKS ended in the red and the rand weak­ened against the dol­lar yes­ter­day, re­act­ing to falls in com­mod­ity prices which tum­bled to mul­ti­year lows on wor­ries over a glut in sup­ply and slower global eco­nomic growth.

On the for­eign ex­change mar­ket, the rand hit a record low of 14.4290, in line with its emerg­ing mar­ket peers af­ter lower-thanex­pected US re­tail sales failed to de­ter dol­lar bulls. At 1536 GMT the rand was 0.66 per­cent weaker at 14.4100 .

The blue chip Top-40 in­dex ended 1.73 per­cent down to 45 979 points and the broader All-share in­dex slipped 1.65 per­cent to 51 199 points.

Bul­lion pro­ducer An­gloGold Ashanti closed 3.3 per­cent down at R96.09, as gold stead­ied near six-year lows but stayed on track for a fourth straight weekly loss, hurt by expectations the US Fed­eral Re­serve will raise in­ter­est rates next month for the first time in a decade.

“The US in­ter­est rate de­ci­sion is hav­ing an ef­fect across the mar­ket and all the stock ex­changes around the world have been com­ing off and ev­ery­thing is red to­day,” BP Bern­stein trader, Roberto Visetin said.

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