South Africa’s rand lifted by metals prices, stocks down

JOHANNESBURG – South Africa’s rand put in modest gains on Monday, supported by higher gold and platinum prices but constrained by a broadly dollar strength.

At 1500 GMT, the rand was 0.55 percent firmer at 13.6750/dollar.

Gold firmed on Monday as uncertainty ahead of Donald Trump’s inauguration as U.S. President this month supported prices after the previous session’s retreat. [GOL/]

On the bourse, the benchmark Top-40 index dipped 0.34 percent to 44,306 points while the All-Share index slipped 0.32 percent to 51,050 points.

Resource shares came under pressure, despite an up tick in platinum and spot gold prices, amid profit taking following a steady climb of 3.64 percent in the mining sector [.JMINI] in the last week.

“Guys are taking a bit of profits here, it’s a pull back after a strong run,” said BP Bernstein trader Vasili Tirasis.

Lonmin Plc fell 3.61 percent to 28.55 rand, Anglo American Platinum dropped 2.73 percent to 281.70 rand, and AngloGold Ashanti slid 2.60 percent to 156.14 rand.

Trading volumes continued to be thin with a total of around 140 million shares changing hands.

In fixed income, the yield for the benchmark government bond due in 2026 ZAR186= was down 1 basis point at 8.79 percent.

 

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