Rand down on GDP data
Among stocks, retail and fast food firm Taste Holdings plunged 20percent to 4cents after it said group chief executive Dylan Pienaar was stepping down with immediate effect as part of a restructuring plan to exit the food industry and focus on its luxury goods brands.
At 5.30pm, the rand was 0.76percent weaker at R14.65 to the dollar. Most of the losses came after the gross domestic product (GDP) figures showed a 0.6percent contraction as mining, manufacturing and agriculture led a broad based slowdown.
Analysts polled by Reuters had predicted a 0.1percent expansion in quarter-on-quarter growth.
The data piles the pressure on President Cyril Ramaphosa as ratings agencies have flagged weak growth as a major risk, while investors are weary of increasing state debt as revenues slide.
Source: iol.co.za
