News Column

Shares slammed lower and rand takes a beating

January 27, 2014

The benchmark Top40 index fell 1.36 percent to 41 739.02 and the broader all share index was down 1.2 percent at 46 462.14. Both recorded their biggest daily percentage drop since December 12 . Naspers was the biggest decliner on the blue chip index, tracking an overnight sell-off in its Chinese money spinner, Tencent Holdings . Its shares dropped 5.22 percent to R1 089.61, their biggest daily percentage decline in more than two years. Gold shares kept the downside momentum in check. AngloGold Ashanti rallied 6.76 percent to R158, helped by news that Ghana has put on hold plans to introduce a windfall tax on mining profits. Anglogold has operations in the west African country. The rand struggled at five-year lows against the dollar on Friday as the second day of the strike across the country's platinum belt continued to unnerve investors. At 5pm the rand was bid at R11.1132 to the dollar, 14.98c weaker than at the same time on Thursday. Government bond yields continued to rise on both the 2026 issue and the 2015 paper. - Reuters Daily News

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Source: Daily News (South Africa)

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