South African rand stumbles

South Africa's rand was weaker on Thursday on lingering economic weakness highlighted by the country's current account deficit and business confidence data.

By 1545 GMT the rand was down 0.6% at 14.6820 per dollar from an overnight close of 14.6020.

Data from the central bank on Thursday showed the country's current account deficit has narrowed slightly but less than expected, while a measure of monthly business confidence showed businesses are still struggling with the tough economic climate and slack demand.

Earlier in the week, a reading from the statistics agency showed the economy shrank 0.6% in the third quarter, raising concerns that the country could lose its last investment-grade credit rating from Moody's.

In equities, the benchmark JSE Top-40 Index slipped 0.5% to 48,589.71 points while the broader All-Share Index was down 0.4% at 54,779.76 points.

Eskom implemented further power cuts on Thursday after a number of generating units broke down.

Services, trading, and distribution group Bidvest dropped 2.2% to 192.70 rand while retailer Mr Price Group declined 1.9% to 179.60 rand.