Market News 31/10/2014

South Africa

South African stocks fell yesterday, as metal producers were hit by lower gold prices and concerns about appetite for emerging markets after the U.S. Federal Reserve signaled an end to its stimulus programme. Gold miners were hit the hardest as AngloGold Ashanti tumbled by 6.7% to R96, while smaller rival Gold Fields dropped 4% to R38.50. Other metal producers were also hit, with Kumba Iron Ore dropping 3.1% to R276.25. The Top-40 index fell by 1.05% to 43,336, while the broader All-Share index fell 0.93% to 48,660.


Gold was struggling near $1,200 an ounce this morning, looking likely to post its worst week in 7, as strong U.S. economic data and fears of an early rate hike curbed the metals' appeal. Gold was also headed for its 2nd monthly decline. Spot gold was little changed at $1,200.12/oz, after falling 1% in the previous session. Oil prices also closed down 1% yesterday, resuming its downtrend after a two-day climb, as the dollar rallied. Brent settled down 88 cents a barrel at $86.24, after falling to as low as $85.92.


South Africa's rand firmed against the dollar on Thursday as the SARB defended its inflation targeting policy, saying it was the best approach to reducing price pressures while contending with slowing economic growth. The rand managed to regain some of the ground lost overnight after a hawkish statement on interest rates by the U.S. central bank saw it flounder, and near the end of the session, te rand was trading 0.72% firmer at 10.8730 per dollar.


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