File Photo: IOL
File Photo: IOL

Rand sinks on US jobs data

By Reuters Time of article published Jul 8, 2019

Share this article:

The rand slumped on Friday as data showing US job growth rebounded strongly in June sent the dollar sharply higher, while the resources sector led South African stocks lower.

At 5pm on Friday, the rand bid at R14.1833 to the dollar, 14 cents softer than at the same time on Thursday, and on course for a fall of around 0.8 percent for the week. 

In fixed income, the yield on the benchmark government bond due in 2026 added 9.5 basis points to 8.17 percent.

On the bourse, the benchmark JSE Top40 index retreated 0.4 percent to 51539.3 points, while the broader all share index dropped 0.41percent to 57589.82 points.

Bullion shares declined 1.72 percent, with Gold Fields down 2.27 percent to R71.93 and AngloGold Ashanti losing 1.46 percent to R247.43.

Kumba Iron Ore was among the biggest losers, down 7.34 percent to R471.68.

“General commodity prices have come lower mainly due to concerns within the iron ore space that is why we saw single commodity counters like Kumba taking a big knock today,” said Paul Chakaduka, a trader at Johannesburg-based Global Trader.

Drugmaker Aspen Pharmacare, was among the fallers, down 4.89 percent to R99.64 after it said it had terminated talks with a potential partner in Europe. I 


Share this article: