South African businesses, including shops owned by Wal-Mart Stores Inc.’s Massmart Holdings Ltd. unit and a mine owned by Kumba Iron Ore Ltd., will be closed on the day of former President Nelson Mandela’s funeral.
South Africa’s rand headed for its worst weekly decline in five, fueled by the longest stretch of bond outflows on record, as continued signs of growth in the U.S. boosted speculation the Federal Reserve will curb stimulus.
Emerging-market stocks declined to a three-week low after better-than-estimated U.S. data bolstered speculation the Federal Reserve will reduce stimulus. South Africa’s rand slumped to the lowest level since 2009.
The rand declined for a third day amid the longest selloff of South African bonds in five years on concern that the nation will struggle to finance its current- account gap when Federal Reserve stimulus dries up.
A consortium led by Bidvest Group Ltd., South Africa’s second-biggest company by revenue, offered to buy a 34.5 percent stake in Adcock Ingram Holdings Ltd., countering a bid by CFR Pharmaceuticals SA.