Rand weakens on Amplats stayaway

Feb 19 2013 09:01


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

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Johannesburg - The rand softened against the dollar on Tuesday amid fears of more trouble in the mining sector after Anglo Platinum [JSE:AMS] said workers at its Rustenburg operations were likely to stay away following violence the previous day.

The rand was at R8.9100 against the dollar at 06:21 GMT, 0.2% softer than New York's Monday close, with analysts seeing the currency testing the R8.95 level during the session.

"It's all on what has happened at Amplats. That is driving it at the moment. Sentiment is not good," said David Gracey, a trader at Investec in Johannesburg.

Workers at the world's largest platinum producer are likely to stay away from work on Tuesday in solidarity with colleagues injured in clashes between rival union factions, the company said.

At least 13 workers were wounded by rubber bullets or machetes on Monday, the first major mine violence this year after deadly strife in the sector in 2012.

Market participants will also watch the Treasury sale of R2.1bn spread over the 2031, 2036 and 2048 government bonds. The sale is due at 09:00 GMT.

More important for the bonds will be the release of inflation statistics on Wednesday, with economists seeing the January year-on-year consumer inflation figure flat at 5.7%.

Government bonds also softened, with the yield on the three year issue up one basis points to 5.36% and that on the longer dated 14-year paper up half a basis point to 7.32%.

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anglo platinum  |  bonds  |  rand  |  mining unrest  |  markets



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