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Rand weaker as mining unrest weighs

Oct 08 2012 09:27
Reuters


Company Data

ANGLO AMERICAN PLATINUM LIMITED [JSE:AMS]

Last traded 342
Change 14
% Change 4
Cumulative volume 575305
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - The rand remained near a three-and-a-half year low on Monday and analysts said it could weaken further in the absence of a resolution to a wave of strikes roiling Africa’s biggest economy.

The rand was trading at R8.800 to the dollar at 07:01 GMT on Monday, barely changed from Friday’s New York close of R8.7900.

On Friday, it slumped to as low as R8.85 to the dollar, its weakest level since April 2009, after Anglo Platinum [JSE:AMS] said it had fired 12 000 wildcat strikers.

Analysts said the rand could weaken to as low as R9.00 to the dollar unless measures were taken to limit some of the worst labour unrest since the end of apartheid in 1994.

“The market is trading purely on emotion and sentiment,” said Garth Klintworth, head of fixed income, commodities and currencies at Absa Capital.

“Either we get some strong leadership from trade unions or government or business that improves sentiment or we continue to see very poor sentiment and weakness relative to the dollar. Technically, we could easily get to R9.20.”

Government bonds continued to sell off on Monday, with the yield on the 2015 bond up 8 basis points to 5.51%.

That on the 2026 paper was 15 basis points higher at 7.81%, its highest level since July.


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