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South Africa rand weaker as risk appetite wanes, stocks up
* Rand at 2-week low as risk demand wanes
* Stocks up inline with emerging markets
(Update levels, analyst quote)
JOHANNESBURG, April 9 (Reuters) - South Africa's currency
weakened against the dollar on Monday, slipping to its weakest
in more than two weeks in a broad sell-off of emerging market
currencies as fears of a U.S.-China trade war weighed on global
At 1525 GMT the rand was 0.46 percent weaker at
12.0825 per dollar compared to its opening of 11.9725. The rand
slipped to its weakest since March 19, and threatened to touch a
2-month low. Stocks rose, meanwhile.
On Monday, China upped its retaliation to President Donald
Trump's proposed tariffs. Beijing has said it would be
impossible to negotiate under "current circumstances", assigning
blame to Washington for the rising tension.
"It's a big risk-off scenario, with general sell-off of
emerging markets, which are under pressure as the war of words
about imposing tariffs is being exchanged between the U.S. and
China," said chief currency dealer from Treasury One, Wichard
In the fixed income market, bonds were also weaker, with the
yield on the benchmark government paper due in 2026 up
2.5 basis points to 8.08 percent.
On the bourse, the benchmark Top-40 index rose 0.51
percent to 49,391 points while the All-Share index rose
0.38 percent to 56,092 points.
Local shares benefited from positive sentiment for emerging
markets stocks, with the wider emerging market benchmark
up 0.2 percent.
Among the biggest gainers on the All-share, EOH Holdings
rose 11.26 percent to 47.94 rand, real estate firm
Resilient REIT gained 6.96 percent to 63.50 rand Royal
Bafokeng Platinum lifted 2.74 percent to 26.25 rand.
(Reporting by Tanisha Heiberg and Nomvelo Chalumbira
Editing by Alison Williams)
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