ANGGOLD: 16,717 +371 (+2.27%)
South African rand slips after dismal mining data
JOHANNESBURG, Jan 15 (Reuters) - The South African rand fell
on Tuesday, after worse-than-expected mining data pointed to
lingering weakness in Africa's most industrialised economy.
At 1640 GMT, the rand traded at 13.8000 per dollar,
0.3 percent weaker than its previous close.
Mining output - which has been volatile for much of 2018 -
fell 5.6 percent year on year in November versus expectations
for growth of 0.75 percent, as production of diamonds, gold and
iron ore slumped.
Investors are looking for signs that South Africa's
sputtering economy is on the road to recovery, after it briefly
dipped into recession last year.
Mines account for a significant portion of exports.
The South African currency started 2019 on the front foot,
rallying more than 4 percent against the dollar, but it remains
vulnerable to global risk events like Brexit, as well as
uncertainty surrounding this year's local parliamentary
South Africa's 2026 government bond also slipped
on Tuesday, as the yield rose 1 basis point to 8.815 percent.
Stocks were barely changed, as the bullion sector
countered gains elsewhere.
The Johannesburg Stock Exchange's Top-40 index
ended up 0.1 percent at 47,382 points, and the All-share index
rose 0.1 percent to 53,533 points.
Among the biggest fallers, Sibanye-Stillwater
dropped 4.9 percent to 9.90 rand, Gold Fields was 1.9
percent lower at 49.49 rand and AngloGold Ashanti fell
2 percent to 173.42 rand.
Ryan Woods, a trader at Independent Securities, linked
declines in those stock prices to recent strikes as well as rand
strength. A stronger local currency hurts South African miners
by driving costs higher while they earn in dollars for their
(Reporting by Alexander Winning and Tanisha Heiberg, Editing by
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