20°C / 22°C
  • Sun
  • 24°C
  • 10°C
  • Mon
  • 27°C
  • 12°C
  • Tue
  • 25°C
  • 9°C
  • Wed
  • 24°C
  • 6°C
  • Thu
  • 22°C
  • 9°C
  • Fri
  • 24°C
  • 8°C
  • Sun
  • 18°C
  • 10°C
  • Mon
  • 16°C
  • 9°C
  • Tue
  • 15°C
  • 9°C
  • Wed
  • 17°C
  • 10°C
  • Thu
  • 22°C
  • 9°C
  • Fri
  • 20°C
  • 13°C
  • Sun
  • 27°C
  • 11°C
  • Mon
  • 30°C
  • 13°C
  • Tue
  • 30°C
  • 12°C
  • Wed
  • 27°C
  • 9°C
  • Thu
  • 23°C
  • 11°C
  • Fri
  • 26°C
  • 10°C
  • Sun
  • 28°C
  • 11°C
  • Mon
  • 27°C
  • 14°C
  • Tue
  • 25°C
  • 8°C
  • Wed
  • 25°C
  • 5°C
  • Thu
  • 24°C
  • 9°C
  • Fri
  • 27°C
  • 10°C
  • Sun
  • 21°C
  • 16°C
  • Mon
  • 24°C
  • 17°C
  • Tue
  • 19°C
  • 14°C
  • Wed
  • 21°C
  • 12°C
  • Thu
  • 19°C
  • 15°C
  • Fri
  • 25°C
  • 17°C
  • Sun
  • 18°C
  • 10°C
  • Mon
  • 17°C
  • 11°C
  • Tue
  • 16°C
  • 10°C
  • Wed
  • 16°C
  • 11°C
  • Thu
  • 17°C
  • 11°C
  • Fri
  • 19°C
  • 11°C
  • Sun
  • 20°C
  • 9°C
  • Mon
  • 13°C
  • 6°C
  • Tue
  • 13°C
  • 5°C
  • Wed
  • 19°C
  • 5°C
  • Thu
  • 24°C
  • 9°C
  • Fri
  • 25°C
  • 9°C
  • Sun
  • 18°C
  • 11°C
  • Mon
  • 14°C
  • 9°C
  • Tue
  • 13°C
  • 8°C
  • Wed
  • 16°C
  • 10°C
  • Thu
  • 21°C
  • 10°C
  • Fri
  • 20°C
  • 12°C
  • Sun
  • 28°C
  • 13°C
  • Mon
  • 31°C
  • 15°C
  • Tue
  • 30°C
  • 13°C
  • Wed
  • 28°C
  • 10°C
  • Thu
  • 27°C
  • 13°C
  • Fri
  • 28°C
  • 12°C
  • Sun
  • 31°C
  • 10°C
  • Mon
  • 26°C
  • 11°C
  • Tue
  • 17°C
  • 4°C
  • Wed
  • 22°C
  • 2°C
  • Thu
  • 26°C
  • 5°C
  • Fri
  • 27°C
  • 12°C
  • Sun
  • 22°C
  • 11°C
  • Mon
  • 29°C
  • 9°C
  • Tue
  • 27°C
  • 12°C
  • Wed
  • 20°C
  • 11°C
  • Thu
  • 18°C
  • 12°C
  • Fri
  • 24°C
  • 12°C
  • Sun
  • 20°C
  • 10°C
  • Mon
  • 17°C
  • 9°C
  • Tue
  • 15°C
  • 8°C
  • Wed
  • 13°C
  • 9°C
  • Thu
  • 18°C
  • 8°C
  • Fri
  • 19°C
  • 11°C

#RandReport: Rand firms on dollar weakness, stocks up

The rand traded at 13.4450 per dollar at 1502 GMT, up 1.36% on its overnight close of 13.6300 in New York.

Picture: EWN.

JOHANNESBURG - The rand snapped two days of losses on Wednesday as emerging markets broadly benefited from a retreating dollar after US President Donald Trump abruptly fired the FBI director.

South African stocks climbed as gold miners lifted the bourse.

The rand traded at 13.4450 per dollar at 1502 GMT, up 1.36% on its overnight close of 13.6300 in New York.

Treasury One currency trader Andre Botha said the rand was "enjoying the fruits of a risk positive scenario".

The rand hit a session-high of 13.4300/dollar as demand for emerging assets returned to global markets after the sacking of FBI chief James Comey raised questions about whether this latest crisis could compromise the implementation of the government's economic agenda.

On the bourse, the benchmark Top-40 index gained 0.16% to 47,636 points while the All-Share index rose 0.15% to 54,254 points.

The gold sector rose 4.28% as domestic political uncertainties sent investors into safe-haven buying.

President Jacob Zuma's lawyers sought to appeal a High Court order directing him to provide reasons for his decision to fire the former finance minister Pravin Gordhan in a cabinet reshuffle.

"In times of uncertainty people tend to go for stocks with more intrinsic value and gold is one of them," said Independent Securities trader Ryan Woods.

Bullion shares were further boosted by spot gold prices , which rose 0.2% to $1,223.42 an ounce.

Among the biggest gainers on the top 40 index, Goldfields rose 5.57% to R45.50, Impala Platinum added 5.28% to R43.85 and AngloGold Ashanti climbed 4.07% to R147.70.

Further gains were curbed by local rand-hedged stocks - which make the bulk of their revenue outside South Africa and tend to weaken as the rand strengthens - with Glencore down 1.54% to R50.45.

In fixed income, government bonds also firmed. The yield for the benchmark instrument due in 2026 fell 4.5 basis points to 8.745%.

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