South Africa's rand holds on to gains, Naspers drags bourse lower
* Naspers drags bourse lower
* Hospitality Property Fund bucks downward trend
* Rand extends gains
(Adds stocks, updates levels)
JOHANNESBURG, July 10 (Reuters) - South Africa's rand
extended gains on Tuesday from the last three sessions as a lull
in global trade war fears lifted demand for emerging currencies,
while market heavyweight Naspers and resources firms led stocks
By 1546 GMT the rand was 0.6 percent firmer at
13.3400 per dollar, slightly softer than Monday's three-week
peak of 13.3100.
On Friday the rand closed beneath 13.50 for the first time
since June 22, a key inflection point after tumbling to a
seven-month low of 14.00 as emerging markets sold off due to
rising U.S. interest rates and jitters over global growth.
Bonds were flat, with the yield on the benchmark bond due in
2026 steady at 8.670 percent.
On the equities market, the Top-40 index declined
0.38 percent to 51,795 points while the broader All-Share index
shed 0.33 percent to 58,027 points.
Bourse heavyweight Naspers was responsible for
much of the decline, falling 0.40 percent.
Miner Harmony Gold closed down 2.09 percent at
22.45 rand after it said an employee was fatally injured in a
fall of ground incident at its Kusasalethu mine in
Bucking the downward trend, Hospitality Property Fund
topped the gainers after it said on Monday after market
close it had acquired seven casino and hotel businesses from
Tsogo Sun. It surged 24.90 percent to 12.49.
(Reporting by Nomvelo Chalumbira and Mfuneko Toyana
Editing by Catherine Evans)
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