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#RandReport: Rand inches firmer, stocks track global peers

By 1543 GMT, the rand had gained 0.15% to 13.4375 per dollar, up slightly from its close at 13.4600 overnight in New York.

Picture: EWN

JOHANNESBURG – The rand inched higher on Wednesday, paring some of its recent losses as the price of gold rose, driven by investors searching for safe bets amid political worries in Europe and the United States.

But stocks fell in line with equities worldwide, with MTN Group among the biggest decliners' after the mobile phone group warned it would swing into an annual loss.

By 1543 GMT, the rand had gained 0.15% to 13.4375 per dollar, up slightly from its close at 13.4600 overnight in New York.

Gold climbed to three-month peak in the session with investors favouring the safe haven asset as concerns resurfaced over the effects of US President Donald Trump's policies on the global economy.

The rand has weakened nearly 1.5% since Monday, pulling back from a three-month high notched up last week, as a wave of risk aversion and a dollar recovery dragged emerging currencies lower.

On the bourse, MTN Group dropped 1.7% to 115.75 rand, recouping some of its losses after falling to their lowest level in two months.

The company warned that it would likely swing into an unspecified annual loss due unfavourable currency swings and regulatory fine in Nigeria.

"I am afraid that this trading statement, as it is not quantified, leaves us groping around in the dark," said Sasha Neryshkine, a fund manager at Vestact in Johannesburg.

The benchmark JSE Top-40 index were down 0.9% at 44,922 and the broader All-share index lost 0.7% to 51,803.

In fixed income, bonds were also firmer with the yield on the benchmark paper due in 2026 down 6 basis points to 8.82%.

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