• The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

  • Web of dependency

    Zupta defenders are playing cat and mouse with ratings agencies, says Solly Moeng.

All data is delayed
See More

Rand seen weaker on mining sector fears

Jan 21 2013 09:24

(File) (Shutterstock)

Company Data


Last traded 373
Change -9
% Change -2
Cumulative volume 299693
Market cap 0

Last Updated: 24-05-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Negative sentiment keeps rand weaker

Mines keep pressure on rand

Rand, bonds buckle under Amplats strife

Weaker rand weighs on bond market

Rand weakens on farmworker strikes

Rand gains as Amplats workers resume duty

Johannesburg - South Africa's rand is likely to remain on the back foot this week, weighed down by fears about the health of the country's mining sector, as the market awaits the central bank's decision on interest rates.

The rand was at R8.8825/$ at 09:03. 0.1% weaker than Friday's New York close.

The currency hit a 7-week low against the dollar on Friday and government bonds fell on signs that South Africa's mining industry was still struggling to recover from violent wildcat strikes in 2012 that led to the death of more than 50 miners.

Harmony Gold Mining, South Africa's third largest gold producer, said on Friday its Kusasalethu mine would remain shut until an agreement with trade unions was reached.

Platinum producer Anglo Platinum [JSE:AMS] said it planned to sell one South African mine, mothball another two and cut 14 000 jobs.

The next few days will likely see a continuation of last week's negative sentiment, said Brigid Taylor, head of institutional sales at Nedbank, which is targeting R8.90 on the rand this week.

"It seems evident that by and large, investors are cautious (about) South African assets and remaining on the sidelines, which has an upside risk for the rand," she said.

The South African Reserve Bank's monetary policy committee will announce its decision on interest rates on Thursday, with market participants expecting the benchmark repo rate to be held at 5%.

Government bonds were barely changed on Monday, with the yield on the 2015 issue flat at 5.35% and that on the 2026 issue 0.5 basis points higher at 7.24%.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

mining industry  |  rand  |  currencies


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote