File Photo: IOL

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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