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#TheRandReport: Rand weakens, Tiger Brands leads stocks lower

Tiger Brands was the biggest loser, among the blue chips, due to price pressures from the weaker rand.

Picture: Christa Eybers/EWN

JOHANNESBURG - The rand weakened on Tuesday as global emerging market risk appetite faded, while Tiger Brands led blue-chip stocks lower after flagging weaker sales.

Monday's global market rally spurred by easing of global risk aversion dissipated and crude prices pared gains after the Saudi, Russian, Qatari and Venezuelan oil ministers dashed hopes of a deal to cut a huge oversupply of oil.

By 1519 GMT the rand had slipped 0.4 percent to 15.7800 per dollar compared to 15.7170, where it closed in New York on Monday.

Bonds were also weaker as yields firmed, with the benchmark government issue due in 2026 adding one basis point to 9.165 percent.

On the equities market, the blue-chip JSE Top-40 index was down one percent at 43,951 points and the broader All-share index declined 0.93 percent to 49,387.

"It does look like a bit of risk-off in emerging markets. We ran really hard on Monday so there was a bit of profit taking," said Independent Securities trader Ryan Woods.

Tiger Brands was the biggest loser among the blue-chips, falling 5.66 percent to R300 after saying sales softened due to price pressures from the weaker rand currency.

Short term insurer Santam rallied to its highest level this year after saying it expects full-year profit to rise as much as 30 percent, gaining 7.47 percent to close on R200.

Shares in Anglo American, which posted a 55 percent drop in underlying earnings before interest and tax to $2.2 billion and announced asset sales, see-sawed from sharp gains to heavy losses only to close 0.37 percent weaker on R88,96.

Kumba Iron Ore, a unit Anglo plans to sell, gained 7.43 percent to close on a three-month high of R58.

Trade was slightly below par with 287 million shares changing hands, compared to last year's daily average of 296 million shares.