South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg

South African assets hostage to speculation over finance minister charges

JOHANNESBURG – South African government bonds fell sharply and the rand reached its weakest in more than four weeks against the dollar on Monday, partly weighed down by concerns that the finance minister could be arrested.

* Rand falls to 14.3850 to the greenback, off Friday’s close at 14.3690 and softest since July 27.

* Government bonds yields rise across the curve, 2026 benchmark adds 12 basis points to 9.085 percent, highest in nine weeks.

* Local assets track weaker Asian share markets after Federal Reserve indicates a U.S. interest rate increase remains on the cards for this year.

* South African Reserve Bank deputy governor’s speech at 1200 GMT could give local market further steer.

Related Story:  Nigeria Sets Up Committee To Harmonise Data Collection

* Stocks to open a touch softer at 0700 GMT, blue chip futures index down 0.12 percent.  (Reuters)


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