Rand weak­ens, while Sho­prite and An­gloGold pros­per

Weekend Argus (Saturday Edition) - - LIFE -

THE rand re­treated against the dol­lar as con­cern grew about the state of the econ­omy a day after the cen­tral bank slashed its growth fore­cast.

Shares ended a lack­lus­tre ses­sion yes­ter­day largely flat, helped by Sho­prite which scaled a 42-month high.

The rand last traded at 14.3665 to the dol­lar, down 1 per­cent from Thurs­day’s close. Gov­ern­ment bonds also weak­ened and the yield for debt due in 2026 added 6 ba­sis points to 8.81 per­cent.

In­vestors are wor­ried about the out­look for the econ­omy after the Re­serve Bank kept rates on hold say­ing it now ex­pected the econ­omy to re­main stag­nant in 2016.

On the stock mar­ket, shares in Sho­prite rose to their high­est since Jan­uary 2013, ex­tend­ing gains after an up­beat trad­ing re­port ear­lier this week.

Sho­prite has gained more than a third this year, adding 3.6 per­cent in Fri­day’s ses­sion to R199.49.

An­gloGold Ashanti also rose 3 per­cent to R303.94 after flag­ging a jump of up to 177 per­cent in its half-year profit.

But di­ver­si­fied min­ers An­glo Amer­i­can and BHP Bil­li­ton each fell 3.3 per­cent to R144.30 and 2.9 per­cent to R172.76 re­spec­tively. – Reuters

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