The softer rand influenced the local bourse on Wednesday, with the property sector slumping 3.4%, while gold miners recovered most of the losses they sustained on Tuesday. The local currency fell after the ANC moved to quash rumours it would discuss the removal of President Jacob Zuma at a national executive committee meeting that got underway on Wednesday. This seemingly added to views that it would be difficult for Zuma’s opponents to move against him at such an early stage after the ANC’s elective conference. Gold miners gained from a firmer metal price and the weaker rand. It was also announced earlier that good-faith settlement negotiations to put an end to a class-action lawsuit against gold companies, on behalf of former employees who contracted lung diseases, were at an advanced stage. Rand-sensitive stocks were hard hit, while global bonds were under pressure. Higher bond yields tend to put property stocks, particularly real estate investment trusts (Reits), under pressure....
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