South Africa's rand, government bonds tumble as political risks weigh

Reuters

Tue, Mar 28, 2017, 2:57 AM

JOHANNESBURG (Reuters) - South Africa's rand and government bonds extended losses early on Tuesday after President Jacob Zuma asked Finance Minister Pravin Gordhan to return early from an investor roadshow, triggering speculation of an imminent cabinet reshuffle. * At 0645 GMT, the rand traded at 12.9950 per dollar, 2percent weaker from its New York close on Monday. * In fixed income, the yield for the benchmark governmentbond due in 2026 rose 18 basis points to 8.89 percent. * Gordhan is set to return to South Africa early on Tuesday,hours before a court hearing over the closure of accountsbelonging to friends of the president. * Stocks were set to open higher at 0700 GMT, with the JSEsecurities exchange's Top-40 futures index up 0.81 percent. (Reporting by Olivia Kumwenda-Mtambo; Editing by Andrew Heavens)

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South Africa's rand, government bonds tumble as political risks weigh

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