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S.A Markets Battered On Monday

The Nigerian markets are closed for a two-day Muslim holiday, but in South Africa, the ftse-jse Africa all-share index fell as much as 1.7 percent … Continue reading S.A Markets Battered On Monday


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south africa marketThe Nigerian markets are closed for a two-day Muslim holiday, but in South Africa, the ftse-jse Africa all-share index fell as much as 1.7 percent in early trade on Monday.

The decline was led mainly by the mining index, down 3.7 percent as shares of mine giants – BHP Billiton, Anglo American and Anglo-gold fall, a Bloomberg report shows.

The South African rand nosedived 0.8 percent to 14.526 on the U.S. Dollar while the yield on benchmark government bond maturing December 2026 climbed 2 basis points to 8.78 percent.

Analysts say the South African markets are reacting to a likely funds rate hike this September by the U.S. Central bank.