20°C / 22°C
  • Wed
  • 19°C
  • 6°C
  • Thu
  • 20°C
  • 4°C
  • Fri
  • 20°C
  • 6°C
  • Sat
  • 17°C
  • 5°C
  • Sun
  • 16°C
  • 3°C
  • Mon
  • 15°C
  • 2°C
  • Wed
  • 15°C
  • 11°C
  • Thu
  • 16°C
  • 13°C
  • Fri
  • 15°C
  • 9°C
  • Sat
  • 12°C
  • 7°C
  • Sun
  • 18°C
  • 4°C
  • Mon
  • 17°C
  • 12°C
  • Wed
  • 20°C
  • 7°C
  • Thu
  • 23°C
  • 7°C
  • Fri
  • 23°C
  • 7°C
  • Sat
  • 21°C
  • 8°C
  • Sun
  • 18°C
  • 6°C
  • Mon
  • 16°C
  • 3°C
  • Wed
  • 20°C
  • 4°C
  • Thu
  • 21°C
  • 3°C
  • Fri
  • 21°C
  • 4°C
  • Sat
  • 18°C
  • 4°C
  • Sun
  • 17°C
  • 1°C
  • Mon
  • 18°C
  • 3°C
  • Wed
  • 25°C
  • 14°C
  • Thu
  • 24°C
  • 16°C
  • Fri
  • 24°C
  • 14°C
  • Sat
  • 18°C
  • 12°C
  • Sun
  • 17°C
  • 11°C
  • Mon
  • 22°C
  • 11°C
  • Wed
  • 19°C
  • 10°C
  • Thu
  • 21°C
  • 12°C
  • Fri
  • 16°C
  • 10°C
  • Sat
  • 11°C
  • 8°C
  • Sun
  • 17°C
  • 6°C
  • Mon
  • 26°C
  • 13°C
  • Wed
  • 15°C
  • 8°C
  • Thu
  • 14°C
  • 11°C
  • Fri
  • 13°C
  • 5°C
  • Sat
  • 11°C
  • 3°C
  • Sun
  • 18°C
  • 2°C
  • Mon
  • 17°C
  • 10°C
  • Wed
  • 15°C
  • 10°C
  • Thu
  • 15°C
  • 12°C
  • Fri
  • 14°C
  • 8°C
  • Sat
  • 11°C
  • 6°C
  • Sun
  • 20°C
  • 6°C
  • Mon
  • 20°C
  • 12°C
  • Wed
  • 21°C
  • 6°C
  • Thu
  • 24°C
  • 6°C
  • Fri
  • 25°C
  • 8°C
  • Sat
  • 22°C
  • 9°C
  • Sun
  • 19°C
  • 7°C
  • Mon
  • 17°C
  • 4°C
  • Wed
  • 19°C
  • 3°C
  • Thu
  • 20°C
  • 4°C
  • Fri
  • 18°C
  • 4°C
  • Sat
  • 13°C
  • 0°C
  • Sun
  • 13°C
  • -3°C
  • Mon
  • 17°C
  • 2°C
  • Wed
  • 25°C
  • 6°C
  • Thu
  • 26°C
  • 6°C
  • Fri
  • 28°C
  • 6°C
  • Sat
  • 25°C
  • 8°C
  • Sun
  • 16°C
  • 3°C
  • Mon
  • 19°C
  • 1°C
  • Wed
  • 21°C
  • 9°C
  • Thu
  • 22°C
  • 10°C
  • Fri
  • 15°C
  • 7°C
  • Sat
  • 10°C
  • 4°C
  • Sun
  • 16°C
  • 3°C
  • Mon
  • 25°C
  • 13°C

Rand firmer, stocks dragged down by profit-taking

At 1700 GMT the rand was 0.2% firmer at 14.1150 per dollar from an overnight close of 14.1450 in New York.

Picture: Pixabay.com.

JOHANNESBURG - South Africa’s rand firmed on Thursday, eking out gains late in the session as hopes of a trade deal between the United States and China bolstered risk appetite globally.

White House economic adviser Larry Kudlow said on Thursday that trade talks between Washington and Beijing last week in the Chinese capital had made “good headway”.

At 1700 GMT the rand was 0.2% firmer at 14.1150 per dollar from an overnight close of 14.1450 in New York.

The rand posted the gains deep into offshore trade, having languished near short term technical support around 14.20 for most of the local session in low volume trade.

The currency was volatile in the previous session after power firm Eskom said the utility needed an additional R250 billion ($17.73 billion) to ease its financial and operational crisis.

However, demand from overseas investors has helped the rand cling on to gains that lifted it to a 2-month high on Monday after Moody’s delayed a credit review on the country.

In equity markets, stocks weakened on profit-taking after gains in the previous session, with bullion shares weighing on further gains.

The Johannesburg All-Share index fell 0.37% to 57,711 points while the Johannesburg Top-40 index dipped 0.37% to 51,449 points.

“We’ve outperformed global markets, now we’re pulling back due to profit taking,” said Vasili Girasis, a trader from BP Bernstein.

Among the decliners, bullion shares fell 0.89%, weighed down by a weaker spot gold price.

AngloGold Ashanti fell 1.48% to 183,96 rand and Gold Fields dropped 1.49% to R52.80.

“Gold has been volatile today. The gold price was weaker, with the rand being strong,” said Girasis.

Bonds also edged lower, with the yield on the benchmark government paper due in 2026 up 0.5 basis points to 8.535%.

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