JOHANNESBURG - The rand declined sharply during yesterday’s European trading session, falling to its weakest closing price versus the dollar in two years according to NKC Research's daily economic report.
The South African currency slumped due to disappointing gross domestic product (GDP) figures which showed that the economy entered a recession in the second quarter. Generally negative emerging market news and risk aversion added to the rand’s misery. At close of local trade, the rand was bid 2.3 percent weaker at R15.21 a dollar, after trading in range of R14.86 - R15.37. The rand traded slightly weaker overnight.
South African bourse
The JSE All Share ended lower yesterday dragged by losses in large retail and industrial shares. In the overall emerging market sphere, the MSCI Emerging Market Index traded lower. In local news, Sibanye-Stillwater rose yesterday after it announced that it intends to retire 31 percent of its long-term debt through a $400m bond buyback.
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