Market News 30/09/2014
South African stocks fell for a 5th straight session on Monday, reaching their lowest level in more than 4 months as mining companies maintained a downward march on weaker prices. Amplats was the 2nd biggest decliner on the benchmark index, shedding 2.15% to R369.20 after its CFO resigned to join Sasol. Iron ore producers have also been under pressure amid mounting concern about slowing growth in China, with Kumba Iron Ore shedding 1.3%. The Top-40 index declined 0.67% to 44 209 while the All-Share index lost 0.59%.
Gold held steady above a 9-month low this morning, but was poised to post its sharpest monthly loss in 15 months as a rapid climb in the dollar dimmed the metal's appeal. Spot gold was little changed at $1,216.55/oz, after dipping in the last two sessions. Gold is down 5.5% for the month and is also on track to post its first quarterly loss of the year. Oil prices on both sides of the Atlantic were on track for their 3rd monthly loss in a row, with Brent trading $0.09 lower at $97.11 a barrel, after rising by $0.2 on Monday.
Yesterday saw South Africa's rand fall to its weakest level in 8 months, extending last week's losses as the dollar traded around multi-year highs against a basket of major currencies. Furthermore, dealers are expecting weak trade deficit and government revenue data today, which could put further pressure on the local currency. The rand has fallen over 5% against the dollar in September and 7% since the start of the year. The rand fell to 11.3125/dollar in the session, and was down 0.3% at 11.2600 near the end of the session.
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