RAND AND STOCKS RE­TREAT

The Star Early Edition - - STOCKS -

THE RAND weak­ened yes­ter­day as a dol­lar rally dimmed in­vestor ap­petite for riskier as­sets with in­vestors tak­ing prof­its ahead of the US Fed­eral Re­serve meet­ing last night.

At 5pm, the rand bid at R14.0205 to the dol­lar, 4 cents softer than at the same time on Wed­nes­day, hav­ing closed at R13.9175 on Wed­nes­day.

The Fed­eral Open Mar­ket Com­mit­tee was last night ex­pected to main­tain the hawk­ish lan­guage seen in re­cent pol­icy state­ments, while keep­ing in­ter­est rates un­changed this time. The Fed has raised rates three times this year and in­fla­tion started to pick up, and it has sig­nalled a rate rise in De­cem­ber.

South Africa’s to­tal min­ing out­put fell 1.8 per­cent year-on-year in Septem­ber com­pared with the con­sen­sus fig­ure which fore­cast it ris­ing 0.3 per­cent.

In fixed in­come, the yield on the bench­mark gov­ern­ment bond due in 2026 rose 1 ba­sis points to 9.155 per­cent.

Bourse heavy­weight Naspers and banks led stocks lower. The all share in­dex lost 1.16 per­cent to 54 064.82 points while the Top40 in­dex fell 1.36 per­cent to 47 638 points. I Reuters

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.