South African assets down as Britain's move fears spook markets
At 1529 GMT the rand traded 0.6 percent weaker at 14.8410 versus the dollar, compared with Tuesday's close at 14.7550.
"At the moment market is driven by risk-off sentiment, it is still regarding Brexit," Treasury One dealer Andre Botha said.
"We thought the Brexit risk has subsided but yesterday some people came out to say they expect the British economy to suffer more than they initially thought. That brought the pound down but it also increases worldwide risk," Botha said.
The rand has also come under renewed pressure as recent data points to sluggish growth in Africa's most industrialised economy, leaving it vulnerable to sovereign credit rating downgrades before yearend. South African government bond yields fell, with the yield on the 2026 benchmark down 1.5 basis points at 8.81 percent.
Stocks also fell in line with global markets. Exceptions included gold mining shares, which were lifted after the spot price hit two-year highs on a flight to safe havens.
Johannesburg's Gold Mining Index rose 6.54 percent to 2,710.27 points.
The benchmark Top-40 index shed 1.83 percent to 44,501.22 points while the wider All-share index closed 1.66 percent lower at 50,811.66 points.
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