However, shares in Anglo American Platinum (Amplats) fell almost 2% to the bottom of the Top-40 index after the platinum group metals (PGM) miner reported a 38% fall in annual profit and said power cuts could dent output this year. The government's benchmark 2030 bond was weaker in afternoon deals, with the yield up 7.5 basis points at 10.190%. (Reporting by Alexander Winning and Anait Miridzhanian; Editing by Bradley Perrett and Christina Fincher)
(Updates prices to reflect afternoon trade)
JOHANNESBURG, Feb 20 (Reuters) - The South African rand
weakened against the dollar on Monday, at the start of a week in
which fiscal policy will be in focus, with the finance minister
due to present this year's budget.
At 1536 GMT, the rand traded at 18.1225 per dollar,
0.47% weaker than its previous close.
The U.S. dollar index , which measures the dollar
against six other major currencies, slipped over 0.1%, inching
down from a six-week high hit on Friday after a flurry of
economic data reinforced market expectations of tighter monetary
policy from the Federal Reserve.
Finance Minister Enoch Godongwana will deliver his 2023
budget speech on Wednesday.
As well as presenting updated revenue, expenditure and
economic growth forecasts, he is expected to outline a plan for
the government to take on part of the debt of struggling state
power utility Eskom.
The chief executive of state power utility, Andre de Ruyter,
said on Monday record "Stage 6" outages, involving 10 hours
daily without power, were expected to last until the peak hours
late on Wednesday.
Eskom has implemented power cuts every day this year,
following 2022 when it had the highest number of days with
outages.
Also this week, global watchdog the Financial Action Task
Force (FATF), which sets standards on combating money laundering
and illicit financing, could add South Africa to its "grey list"
at meetings scheduled to happen in Paris.
Being added to that list would be a reputational knock for
South Africa and could hurt local asset prices, as grey-listed
countries are subject to greater monitoring by the FATF on
concern that they are at higher risk for money laundering and
terrorist financing.
On the stock market, the Top-40 and the broader
all-share closed around 0.7% higher, helped by gains in
the resources index .
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