20°C / 22°C
  • Fri
  • 25°C
  • 13°C
  • Sat
  • 16°C
  • 10°C
  • Sun
  • 22°C
  • 9°C
  • Mon
  • 22°C
  • 10°C
  • Tue
  • 23°C
  • 10°C
  • Wed
  • 26°C
  • 11°C
  • Fri
  • 20°C
  • 12°C
  • Sat
  • 22°C
  • 13°C
  • Sun
  • 20°C
  • 14°C
  • Mon
  • 26°C
  • 14°C
  • Tue
  • 22°C
  • 14°C
  • Wed
  • 22°C
  • 15°C
  • Fri
  • 29°C
  • 15°C
  • Sat
  • 19°C
  • 12°C
  • Sun
  • 23°C
  • 11°C
  • Mon
  • 25°C
  • 12°C
  • Tue
  • 24°C
  • 12°C
  • Wed
  • 28°C
  • 12°C
  • Fri
  • 28°C
  • 15°C
  • Sat
  • 17°C
  • 11°C
  • Sun
  • 24°C
  • 9°C
  • Mon
  • 24°C
  • 11°C
  • Tue
  • 24°C
  • 13°C
  • Wed
  • 29°C
  • 13°C
  • Fri
  • 23°C
  • 18°C
  • Sat
  • 21°C
  • 17°C
  • Sun
  • 24°C
  • 17°C
  • Mon
  • 21°C
  • 17°C
  • Tue
  • 24°C
  • 17°C
  • Wed
  • 25°C
  • 18°C
  • Fri
  • 19°C
  • 13°C
  • Sat
  • 18°C
  • 11°C
  • Sun
  • 19°C
  • 14°C
  • Mon
  • 18°C
  • 13°C
  • Tue
  • 19°C
  • 11°C
  • Wed
  • 20°C
  • 14°C
  • Fri
  • 24°C
  • 8°C
  • Sat
  • 25°C
  • 9°C
  • Sun
  • 25°C
  • 10°C
  • Mon
  • 30°C
  • 10°C
  • Tue
  • 29°C
  • 13°C
  • Wed
  • 29°C
  • 12°C
  • Fri
  • 19°C
  • 12°C
  • Sat
  • 21°C
  • 12°C
  • Sun
  • 19°C
  • 13°C
  • Mon
  • 25°C
  • 13°C
  • Tue
  • 22°C
  • 14°C
  • Wed
  • 23°C
  • 14°C
  • Fri
  • 30°C
  • 16°C
  • Sat
  • 22°C
  • 14°C
  • Sun
  • 26°C
  • 13°C
  • Mon
  • 26°C
  • 13°C
  • Tue
  • 25°C
  • 14°C
  • Wed
  • 29°C
  • 14°C
  • Fri
  • 30°C
  • 11°C
  • Sat
  • 25°C
  • 11°C
  • Sun
  • 28°C
  • 11°C
  • Mon
  • 28°C
  • 13°C
  • Tue
  • 27°C
  • 13°C
  • Wed
  • 31°C
  • 15°C
  • Fri
  • 26°C
  • 15°C
  • Sat
  • 18°C
  • 14°C
  • Sun
  • 22°C
  • 14°C
  • Mon
  • 19°C
  • 13°C
  • Tue
  • 20°C
  • 12°C
  • Wed
  • 28°C
  • 10°C
  • Fri
  • 17°C
  • 12°C
  • Sat
  • 19°C
  • 10°C
  • Sun
  • 19°C
  • 12°C
  • Mon
  • 19°C
  • 12°C
  • Tue
  • 20°C
  • 11°C
  • Wed
  • 20°C
  • 13°C

#RandReport: Rand extends gains on weak dollar, stocks down

At 1500 GMT, the rand had gained 0.79% to 13.1725 per dollar, its firmest since 31 March, .

Picture: EWN.

JOHANNESBURG - The rand extended gains against the dollar on Thursday and government bonds firmed, helped by slowing inflation and the government's rejection of nationalisation of mines and banks.
Stocks were little changed, as rand hedges and gold shares fell.

At 1500 GMT, the rand had gained 0.79% to 13.1725 per dollar, its firmest since 31 March, compared to a close of 13.2775 overnight in New York.

In fixed income, the yield for the benchmark government bond due in 2026 fell 12 basis points to 8.670%.

"The investment community's view is that inflation is falling sharper than what the Reserve Bank currently anticipates and the country's real rate story later this year is going to look a lot more compelling than what it does at the moment, therefore the support for government bonds remains," said BNP Paribas Cadiz Securities Jeffrey Schultz.

Statistics South Africa's data showed on Wednesday consumer inflation eased in March and Finance Minister Malusi Gigaba dismissed calls from one of his own advisers for the nationalisation of banks and mines.

On the bourse, the benchmark Top-40 index closed 0.08% down at 45,735 points, while the broader All-share index lost 0.09% to 52,496 points.

As the rand strengthened, investors sold off shares in local companies that earn the bulk of their revenues in hard currency, known as rand hedge shares, dragging the index lower.

"Rand hedge shares are a bit lower, it's the combination of the slightly lower gold price and the rand strength," said Cratos Capital equities trader Greg Davies.

BHP Billiton declined 0.36% to R203.77, Richemont SA fell 0.45% to R104.44, while Mediclinic International dropped 0.77% to R122.97.

Gold shares also weakened as the bullion price came under pressure, with markets awaiting the outcome of the looming French presidential election.

Harmony Gold was down by 5.02% to R31.42, while Sibanye Gold dropped 4.29% to R29.86.

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus