23°C / 5°C
  • Fri
  • 23°C
  • 5°C
  • Sat
  • 25°C
  • 6°C
  • Sun
  • 22°C
  • 5°C
  • Mon
  • 22°C
  • 4°C
  • Tue
  • 25°C
  • 5°C
  • Wed
  • 30°C
  • 6°C
  • Fri
  • 18°C
  • 11°C
  • Sat
  • 18°C
  • 10°C
  • Sun
  • 23°C
  • 11°C
  • Mon
  • 27°C
  • 11°C
  • Tue
  • 26°C
  • 14°C
  • Wed
  • 20°C
  • 12°C
  • Fri
  • 20°C
  • 17°C
  • Sat
  • 20°C
  • 15°C
  • Sun
  • 18°C
  • 14°C
  • Mon
  • 16°C
  • 13°C
  • Tue
  • 18°C
  • 12°C
  • Wed
  • 20°C
  • 12°C
  • Fri
  • 15°C
  • 9°C
  • Sat
  • 16°C
  • 9°C
  • Sun
  • 16°C
  • 10°C
  • Mon
  • 20°C
  • 9°C
  • Tue
  • 23°C
  • 12°C
  • Wed
  • 19°C
  • 13°C
  • Fri
  • 26°C
  • 10°C
  • Sat
  • 26°C
  • 9°C
  • Sun
  • 24°C
  • 8°C
  • Mon
  • 20°C
  • 6°C
  • Tue
  • 24°C
  • 6°C
  • Wed
  • 28°C
  • 6°C
  • Fri
  • 26°C
  • 13°C
  • Sat
  • 18°C
  • 14°C
  • Sun
  • 17°C
  • 8°C
  • Mon
  • 20°C
  • 8°C
  • Tue
  • 17°C
  • 8°C
  • Wed
  • 25°C
  • 6°C
  • Fri
  • 18°C
  • 6°C
  • Sat
  • 19°C
  • 8°C
  • Sun
  • 23°C
  • 8°C
  • Mon
  • 27°C
  • 10°C
  • Tue
  • 28°C
  • 14°C
  • Wed
  • 19°C
  • 9°C
  • Fri
  • 16°C
  • 12°C
  • Sat
  • 17°C
  • 12°C
  • Sun
  • 16°C
  • 13°C
  • Mon
  • 19°C
  • 12°C
  • Tue
  • 20°C
  • 13°C
  • Wed
  • 19°C
  • 14°C
  • Fri
  • 28°C
  • 11°C
  • Sat
  • 29°C
  • 13°C
  • Sun
  • 28°C
  • 10°C
  • Mon
  • 21°C
  • 9°C
  • Tue
  • 24°C
  • 8°C
  • Wed
  • 28°C
  • 8°C
  • Fri
  • 30°C
  • 12°C
  • Sat
  • 31°C
  • 14°C
  • Sun
  • 29°C
  • 12°C
  • Mon
  • 23°C
  • 13°C
  • Tue
  • 26°C
  • 9°C
  • Wed
  • 31°C
  • 11°C
  • Fri
  • 16°C
  • 10°C
  • Sat
  • 16°C
  • 11°C
  • Sun
  • 21°C
  • 11°C
  • Mon
  • 23°C
  • 13°C
  • Tue
  • 23°C
  • 13°C
  • Wed
  • 17°C
  • 11°C
  • Fri
  • 28°C
  • 7°C
  • Sat
  • 28°C
  • 10°C
  • Sun
  • 24°C
  • 7°C
  • Mon
  • 22°C
  • 7°C
  • Tue
  • 25°C
  • 5°C
  • Wed
  • 30°C
  • 7°C

#RandReport: Rand slides, stocks snap three days of gains

At 1751 GMT, the rand had weakened 0.65 percent to 16.1370 against the dollar.

South African rand. Picture: Christa Eybers/EWN
SA rand vs US dollar,SA rand,Rand vs Pound
Business Local

JOHANNESBURG – The rand weakened on Monday, extending Friday’s sell-off as investors shed risky assets on persistent concern over the pace of global growth. Stocks ended three sessions of gains, led down by financial shares and e-commerce company Naspers.

Data over the weekend showing China’s foreign reserves fell for a third straight month in January did nothing to calm investors. The decline was less than expected but still the second biggest on record.

At 1751 GMT, the rand had weakened 0.65 percent to 16.1370 against the dollar from where it closed in New York on Friday.

“Although there is broader risk-off conditions across emerging markets, South Africa is seen a bit more riskier than the others,” said ETM Analytics market analyst Ricardo Da Camara.

Government bonds tracked the rand, with the yield on the benchmark bond due in 2026 rising 1.5 basis points to 9.355 percent.

On the stock market, Naspers was the biggest loser among the blue-chips. The company, which is exposed to China’s fortunes through its stake in Tencent Holdings, shed 4.45 percent to 1,864.34 rand.

Nedbank was down 2.76 percent at R186, leading a 1.9 percent decline on the Financial 15 index.

The benchmark blue-chip Top-40 index fell 1.02 percent to 43,998 points. The broader All-Share index was down 0.65 percent at 49,429 points.

Illovo Sugar gained 9.69 percent to a 10-month high of R20.15 after announcing that its largest shareholder, Associated British Foods, planned to buy out all other shareholders for 20 rand a share.

Anglo American Platinum rallied 11.22 percent to R300 after the precious metal’s price rose to a three-month high and after announcing it may cut as many as 1,000 jobs at one of its mines as it battles a global supply glut.

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN reserves the right to close comments on selected content pages.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.