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#RandReport: Rand rally fades, stocks gain on resource demand

The rand had weakened 0,28 percent to 13,3400 per dollar, retreating after a surge lifted it to 13,2390.

FILE: South African stocks extended gains to a third day as investors took on more risk in emerging markets. Picture: EWN.

JOHANNESBURG - The rand reversed gains on Friday as technical barriers kicked in to limit the currency's rally.

The rand has struggled to break below 13,35 technical resistance recently. But it managed to rally to its strongest in three weeks after US central bankers cast doubt on a 2015 rate hike, citing the global economic slowdown as a concern.

South African stocks extended gains to a third day as investors took on more risk in emerging markets.

By 1600 GMT the rand had weakened 0,28 percent to 13,3400 per dollar, retreating after a surge lifted it to 13,2390 as risk appetite improved.

"Rand volatility was elevated through this week, but yesterday saw a change of pace with a slightly calmer market," Alexa Nicolau of RMB said in a note.

Although weaker on the day, the rand managed to recover over 3 percent in value against the dollar for the week.

In stocks, the blue-chip JSE Top-40 index rose 1,09 percent to 47,809 points and the broader All-share index gained 1,08 percent to 53,295 points.

Anglo American rose 6,9 percent to 147,22 rand, bringing the diversified resource company's gains to 25 percent this week.

Gold and platinum stocks rallied as bullion rose to a three- week high and platinum was on course for its biggest weekly gains in four years.

The stronger gold price pushed shares in AngloGold Ashanti up 3,44 percent to 127 rand.

Platinum spiked after Glencore said it would close a South African mine, helping Anglo America Platinum rise 5,55 percent to 281,05 rand.

Bonds slipped with yields higher. The benchmark 2026 issue added 0.5 basis points to 8.185 percent.

"With short covering having driven bonds close to 8,10 percent, the market has run out of steam and buying cares have eased," Nicolau, a fixed income analyst, added.