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Rand rattled by Lonmin saga

Aug 17 2012 09:51 Reuters

Company Data

Lonmin plc [JSE:LON]

Last traded 37.17
Change 0.37
% Change 0.01
Cumulative volume 525574
Market cap 21.21bn

Last Updated: 19/09/2014 at 04:26. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - The rand weakened against the dollar on Friday partly hit by a dip in sentiment a day after a police crackdown on striking miners at Lonmin [JSE:LON] left more than 30 people dead.

Yields edged higher as government bonds also weakened although local debt still holds appeal in the long term because of much higher returns that those offered by safer havens.

By 06:44 GMT the rand was 0.34% weaker at R8.2510 against the dollar after closing at R8.2230 in New York on Thursday.

“The mining story has gotten a lot of international play and I see it affecting short-term sentiment although I don’t see it lasting too long,” a rand trader in Johannesburg said.

Heavily armed South African police patrolled Lonmin’s Marikana platinum mine on Friday after the crackdown, which drew comparisons with apartheid-era brutality.

Governments retreated slightly, and the yield on the heavily traded 14-year government bond edged up half a basis point to 7.67% while that for the three-year bond  was up one basis points at 5.595%.

South Africa's yield spread over US Treasuries and many other developed market bonds remains attractively wide, Tradition Analytics said in a note.

“Portfolio flows into South Africa are not therefore likely to dry up completely any time soon,” it added.


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lonmin  |  markets  |  bonds  |  rand
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