ASPEN: 9,437 +91 (+0.97%)
South African rand dips as dollar dominates, stocks inch up
* Rand slips as growth worries, dollar weigh
* Stocks creep up as retailers gain
(Adds latest figures, analyst quotes)
JOHANNESBURG, Oct 1 (Reuters) - South Africa's rand weakened
on Monday as a recent rally gave way to a resurgent dollar
boosted by climbing U.S. treasury yields and a dip in risk
demand, as trade war concerns resurfaced.
Stocks began the week marginally higher, buoyed by general
At 1515 GMT the rand was 0.23 percent weaker at
14.1825 per dollar, having traded as firm as 14.0675 early in
the session before dollar bulls came online in New York and were
lured into long positions.
The greenback was up 0.2 percent against a group of major
A poor purchasing managers' index print also put the skids on
the rand as worries about the economy after its recent slide
into recession kept buyers on the sidelines.
South Africa's seasonally adjusted Absa Purchasing Managers'
Index (PMI) fell slightly in September, to 43.2 from 43.4 in
August, a 14-month low.
Bonds were weaker, with the yield on the benchmark
government bond due in 2026 rising 2 basis points to
On the bourse, the blue chip top 40 index was 0.13
percent higher at 49,587 points and the all share index was 0.15
percent firmer at 55,789 points.
Aspen Pharmacare rose 3.1 percent, a slight
recovery from its share price tumble of more than 35 percent
last month after it posted full-year results and announced the
baby milk disposal to French dairy group Lactalis.
"I did say it was probably overdone and the market reacted a
bit harshly. It is still down 40 percent in the last month so
it's hardly a bounceback," said Ricco Friedrich, portfolio
manager at Denker Capital.
Bullion miners took a knock as gold prices slipped on the
back of a firmer dollar.
(Reporting by Mfuneko Toyana and Patricia Aruo; editing by
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