{"id":15430,"date":"2012-10-10T05:42:54","date_gmt":"2012-10-10T03:42:54","guid":{"rendered":"http:\/\/www.myza.co.za\/10\/s-africa-stocks-extend-losses-as-rand-turns-course\/"},"modified":"2012-10-10T05:42:54","modified_gmt":"2012-10-10T03:42:54","slug":"s-africa-stocks-extend-losses-as-rand-turns-course","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africa-stocks-extend-losses-as-rand-turns-course\/","title":{"rendered":"S.Africa stocks extend losses as rand turns course"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Rand gains over 1 percent<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Investors buy oversold mining firms<\/p>\n<p><span><\/span><\/p>\n<p>By Helen Nyambura-Mwaura<\/p>\n<p><span><\/span><\/p>\n<p>JOHANNESBURG, Oct 9 (Reuters) &#8211; South African stocks<br \/>\nextended losses on Tuesday as a slightly firmer local currency<br \/>\n helped reverse the gains made by so-called rand hedges<br \/>\nlike British American Tobacco.<\/p>\n<p><span><\/span><\/p>\n<p>South African Breweries &#8212; to which many investors<br \/>\nalso fled in the previous session as the rand weakened &#8212;<br \/>\nunwound over 3 percent to 374.33 rand.<\/p>\n<p><span><\/span><\/p>\n<p>The rand firmed over 1 percent on Tuesday &#8211; although it is<br \/>\nstill languishing near a 3-1\/2 year low &#8211; weighed down by weeks<br \/>\nof illegal strikes that have hit the mining sector, a key source<br \/>\nof foreign exchange for Africa&#8217;s biggest economy.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;The stronger rand is causing the rand hedges to come off a<br \/>\nlittle bit, that&#8217;s why the market is negative,&#8221; said Malcolm<br \/>\nMoller, an equities trader at Vunani Securities.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Rand hedges&#8221; refers to Johannesburg-listed shares of<br \/>\ncompanies that reap the bulk of their revenue outside of South<br \/>\nAfrica, making them less sensitive to weakness in the currency.<\/p>\n<p><span><\/span><\/p>\n<p>The Top 40 index shaved off 0.76 percent to<br \/>\n31,940.31 and the All-Share index lost 0.73 percent to<br \/>\n36,070.74.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Rand gains over 1 percent * Investors buy oversold mining firms By Helen Nyambura-Mwaura JOHANNESBURG, Oct 9 (Reuters) &#8211; South African stocks extended losses on Tuesday as a slightly firmer local currency helped reverse the gains made by so-called rand hedges like British American Tobacco. South African Breweries &#8212; to which many investors also [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-15430","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/15430","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=15430"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/15430\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=15430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=15430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=15430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}