South African Stocks Trim Losses as Rand’s Rebound Boosts Banks

South African stocks pared initial sharp declines as a recovery in the rand supported domestically focused equities.

The FTSE/JSE All Share Index fell as much as 6.1%, the most since March 2020, in response to a plunge in precious-metals prices, before trimming that slump to 1.1% by 2:03 p.m. in Johannesburg. The rand swung to gains of 1.2% against the dollar, outperforming emerging-market peers, after falling earlier Monday.