#RandReport: Rand follows EM peers weaker on, stocks inch higher
At 1500 GMT, the rand traded at 13.5700 per dollar, 0.65% weaker than its New York close on Monday.
JOHANNESBURG - The rand weakened on Tuesday, following in the footsteps of its emerging markets peers on looming threats about tighter global monetary conditions.
Stocks posted modest gains, led by gold mining shares thanks to weaker rand, which boosts dollar-denominated profits when brought back home.
The dollar hit a four-month high against the yen and world's top bonds and emerging market currencies were back under pressure on Tuesday, on bets for higher interest rates in a small but growing group of major economies.
At 1500 GMT, the rand traded at 13.5700 per dollar, 0.65% weaker than its New York close on Monday but off a trough of 13.6250 hit earlier in the session. Momentum indicators tracked by chartists showed it was oversold, according to Reuters' data. This suggests it could get technical support in this area in coming days.
On the exchange, the local bullion sector gained 2.09% with Sibanye Gold adding the most to index, climbing 3.68% to R15.76 while AngloGold Ashanti rose 2.90% to R189.67.
Naspers, Africa's biggest listed company by market size, also featured on the gainers' list, rising 2.68% to R2585.00, tracking its Chinese money spinner Tencent.
"Naspers was up on the back of Tencent closing strong in Hong Kong overnight, so that is making a strong contribution to the index's overall gain," said Avior Capital Markets equity sales trader Jacques Potgieter.
The benchmark Top-40 index was up 0.47% to 46,192 points, while the wider All-share index ended 0.36% higher at 52,376 points.
In fixed income, the yield for the benchmark government bond due in 2026 ZAR186= rose by 5 basis points to 8.910%.