Market News

JOHANNESBURG, April 19 (Reuters) - South Africa's rand dropped on Tuesday, when the country's ailing power utility ramped up scheduled power cuts that constrain growth in the continent's most industrialised nation.

At 1611 GMT, the rand traded at 14.9400 against the dollar, 1.84% lower than its previous close.

State utility Eskom increased planned black outs to "Stage 4," requiring up to 4,000 megawatts to be shed from the national grid, following trips at two of its coal-fired power stations. The cuts dent businesses' ability to operate. read more

The rand was also contending with the impact of devastating floods in the eastern KwaZulu-Natal (KZN) province on local companies, and global factors including a rising greenback and a deterioration in expectations for global growth. read more

The dollar rose against a basket of currencies on Tuesday, hitting a new 20-year peak against the Japanese yen, on rising U.S. treasury yields. Investors are also expecting the U.S. Federal Reserve to raise interest rates when it meets next month. read more

The International Monetary Fund meanwhile slashed its forecast for global growth by almost a full percentage point on Tuesday - leading to negative sentiment that weighs on riskier currencies like the rand. read more

Locally, flooding in KZN province has killed more than 440 people, left thousands homeless and damaged more than 10 billion rand of infrastructure, also hitting the local economy.

Operations were disrupted at one of Africa's busiest ports in Durban, but it is now functional again and hopes to clear a backlog of thousands of containers within five to six days, the public enterprises minister said on Tuesday. read more

Bonds also fell, with the yield on the benchmark instrument due in 2030 rising 1.4 basis points to 9.915%.

Stocks however rose. The Johannesburg Stock Exchange's Top-40 Index (.JTOPI) climbed 0.58% to 66,867 points and the broader All-Share Index (.JALSH) rose 0.61% to 73,830 points.

($1 = 14.7137 rand)