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South Africa rand, stocks sink on renewed China jitters
28/12/2015 00:00:00
by Reuters
 
 
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JOHANNESBURG: South African stocks followed European and Asian markets lower on Monday, snapping a week of gains after a long weekend break on renewed concerns about Chinese growth and finances.

Decliners included Johannesburg-listed shares of global mining group Anglo American, which fell 3.1 percent to 71.82 rand.

Anglo's platinum unit, Anglo American Platinum, was the biggest loser among the blue chips, falling 5 percent to close at 189.75 rand, as the price of the precious metal slipped 0.5 percent to $877 an ounce. It is hovering above 7-year lows.

Overall, the market followed the path blazed by global peers after data showed profits at Chinese industrial companies in November fell 1.4 percent from a year earlier, marking a sixth consecutive month of decline and another sign that the world's chief engine of growth is sputtering.

The benchmark Top-40 share index shed 0.24 percent to 46,243.42 points. The broader All-Share index declined 0.26 percent to 51,188.72 points.

Trade was weak, with 83 million shares changing hands, preliminary bourse data showed, well below last year's daily average of 183 million.

South Africa's rand was almost 1 percent lower at 15.2875/dlr. Government bonds were softer, with the benchmark paper due in 2026 adding 10.5 basis points to 9.595 percent.

South Africa's currency is on track to end 2015 close to 25 percent weaker against the dollar as economic fundamentals worsened, exacerbated by the shock firing of the finance minister this month as well as lower global demand.

 



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