(Updates prices to reflect afternoon trade, adds analyst quote)
JOHANNESBURG, April 4 (Reuters) - South Africa's stocks
jumped on Tuesday while the rand slipped after a decision by
major oil producers to reduce supply on Sunday, which triggered
concerns about a slowdown in global economic growth.
The Organization of the Petroleum Exporting Countries (OPEC)
and its allies, known as OPEC+, announced they would reduce
their oil supply by about 1.16 million barrels per day.
"The production cut announcement by OPEC+ has brought back
inflation and recessionary fears into the market, leaving risk
sensitive currencies like the rand exposed," IG analyst Warren
Venketas told Reuters, adding the weaker rand contributed to the
strength of the local bourse.
Both the blue-chip Top 40 index and the benchmark
all-share index closed more than 1% higher, led by a
gain of almost 1.6% in the resources index.
"Mining companies ... surged towards the latter end of the
trading day," Venketas said.
At 1559 GMT, the rand was down 0.76% at 17.9450
against the dollar.
The government's benchmark 2030 bond was weaker,
with the yield up 1.5 basis points to 9.88%.
(Reporting by Tannur Anders and Bhargav Acharya
Editing by Anait Miridzhanian and Mark Potter)
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