20°C / 22°C
  • Mon
  • 21°C
  • 9°C
  • Tue
  • 21°C
  • 10°C
  • Wed
  • 20°C
  • 10°C
  • Thu
  • 19°C
  • 8°C
  • Fri
  • 18°C
  • 6°C
  • Mon
  • 19°C
  • 14°C
  • Tue
  • 15°C
  • 10°C
  • Wed
  • 14°C
  • 9°C
  • Thu
  • 15°C
  • 11°C
  • Fri
  • 18°C
  • 9°C
  • Mon
  • 23°C
  • 10°C
  • Tue
  • 24°C
  • 11°C
  • Wed
  • 23°C
  • 10°C
  • Thu
  • 22°C
  • 8°C
  • Fri
  • 20°C
  • 8°C
  • Mon
  • 22°C
  • 7°C
  • Tue
  • 22°C
  • 6°C
  • Wed
  • 23°C
  • 7°C
  • Thu
  • 22°C
  • 5°C
  • Fri
  • 20°C
  • 3°C
  • Mon
  • 25°C
  • 16°C
  • Tue
  • 23°C
  • 16°C
  • Wed
  • 19°C
  • 15°C
  • Thu
  • 21°C
  • 13°C
  • Fri
  • 20°C
  • 12°C
  • Mon
  • 21°C
  • 14°C
  • Tue
  • 16°C
  • 9°C
  • Wed
  • 14°C
  • 8°C
  • Thu
  • 15°C
  • 10°C
  • Fri
  • 18°C
  • 10°C
  • Mon
  • 17°C
  • 10°C
  • Tue
  • 13°C
  • 5°C
  • Wed
  • 15°C
  • 4°C
  • Thu
  • 15°C
  • 5°C
  • Fri
  • 19°C
  • 6°C
  • Mon
  • 18°C
  • 12°C
  • Tue
  • 14°C
  • 8°C
  • Wed
  • 14°C
  • 6°C
  • Thu
  • 14°C
  • 8°C
  • Fri
  • 18°C
  • 7°C
  • Mon
  • 24°C
  • 9°C
  • Tue
  • 25°C
  • 9°C
  • Wed
  • 25°C
  • 9°C
  • Thu
  • 24°C
  • 7°C
  • Fri
  • 22°C
  • 6°C
  • Mon
  • 23°C
  • 3°C
  • Tue
  • 22°C
  • 5°C
  • Wed
  • 23°C
  • 4°C
  • Thu
  • 15°C
  • 1°C
  • Fri
  • 18°C
  • 0°C
  • Mon
  • 27°C
  • 8°C
  • Tue
  • 32°C
  • 8°C
  • Wed
  • 19°C
  • 9°C
  • Thu
  • 29°C
  • 8°C
  • Fri
  • 20°C
  • 7°C
  • Mon
  • 19°C
  • 13°C
  • Tue
  • 15°C
  • 7°C
  • Wed
  • 12°C
  • 6°C
  • Thu
  • 14°C
  • 9°C
  • Fri
  • 17°C
  • 8°C

Rand weakens, Amplats leads stocks lower

President Cyril Ramaphosa warned that the virus would hurt travel and tourism, and have a negative impact on South Africa’s already struggling economy, but urged citizens not to panic.

South African rand.  Picture: Christa Eybers/EWN

JOHANNESBURG - The rand weakened against the dollar on Friday due to waning risk appetite as the surging number of coronavirus cases left daunting prospects for global growth.

Stocks also fell, with losses led by Anglo American Platinum (Amplats), after the company declared force majeure and cut its output outlook because of a shutdown of processing facilities following an explosion.

At 1655 GMT, the rand fell 0.65% at R15.7270 per dollar.

South Africa on Thursday confirmed its first case of coronavirus in a citizen who had visited Italy and showed no symptoms on his way back.

“The fallout regarding the arrival of COVID-19 in South Africa could see the rand come under further pressure, depending on the spread of the virus and the response by government,” said Bianca Botes, Treasury Partner at Peregrine Treasury Solutions.

“The week ahead will see a continuation of risk-averse behaviour. We are biased towards a weak rand and additional sell-offs, with the rand likely to move towards the next key level of R15.80.”

President Cyril Ramaphosa warned that the virus would hurt travel and tourism, and have a negative impact on South Africa’s already struggling economy, but urged citizens not to panic.

Since the coronavirus outbreak began in the central Chinese city of Wuhan in December, it has infected almost 100,000 people worldwide and killed more than 3,000, mostly in China.

On the stock market, the Top-40 index was down 1.8% to 46,760 and the broader all-share fell 1.65% to 52,065.

Shares in Amplats, the world’s second-biggest platinum group metals producer, dropped 14.32% to 947.64 rand. The company cut its platinum group metals production guidance for 2020 by 900,000 ounces, from between 4.2 million and 4.7 million ounces to between 3.3 million and 3.8 million ounces.

Bond prices also weakened, with yields on the 10-year 2030 government issue rising 17 basis points at 9.055%.