April 15, 2019 / 5:48 PM / 3 months ago

South African rand weakens amid global negotiations, stocks down

JOHANNESBURG, April 15 (Reuters) - South Africa’s rand and stocks were slightly weaker at the start of a shortened week on Monday tracking a downbeat tone in major overseas markets while some investors stayed on the sidelines ahead of next month’s elections.

At 1656 GMT the rand was 0.36 percent weaker at 14.02.

“Our volumes in our local market are not there, but one would argue that its for other reasons such as the wait for the 8th of May (South African national elections),” said Ryan Woods, a trader at Independent Securities.

The bond closed relatively flat with yield up 1.5 basis points to 8.470.

On the bourse, gold mining companies featured on the downside as prices of the yellow metal fell to their lowest levels in a week.

The benchmark JSE Top-40 Index closed 0.35 percent lower at 52,141.52, while the broader All-share Index closed 0.27 percent down at 58,340.16.

“There’s a stronger dollar and weaker commodity prices. The equity markets are quite weak so in general there’s been a risk-off feeling,” said Sanlam portfolio manager Nick Kunze.

Gold stocks fell 1.21 percent, with AngloGold Ashanti shedding 0.78 percent to 180.11 rand while rival Gold Fields slipped 0.57 percent to 52.40 rand.

Reporting by Onke Ngcuka and Naledi Mashishi, editing by Ed Osmond

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