South Africa's rand weakens

South Africa's rand weakened against the dollar on Friday due to waning risk appetite as the surging number of coronavirus cases left daunting prospects for global growth. Stocks also fell, with losses led by Anglo American Platinum (Amplats), after the company declared force majeure and cut its output outlook because of a shutdown of processing facilities following an explosion.

At 1655 GMT the rand fell 0.65% at 15.7270 per dollar. On the stock market, the Top-40 index was down 1.8% to 46,760 and the broader all-share fell 1.65% to 52,065. Shares in Amplats, the world's second-biggest platinum group metals producer, dropped 14.32% to 947.64 rand. The company cut its platinum group metals production guidance for 2020 by 900,000 ounces, from between 4.2 million and 4.7 million ounces to between 3.3 million and 3.8 million ounces. Bond prices also weakened, with yields on the 10-year 2030 government issue rising 17 basis points at 9.055%.