20°C / 22°C
  • Sun
  • 33°C
  • 16°C
  • Mon
  • 33°C
  • 18°C
  • Tue
  • 29°C
  • 13°C
  • Wed
  • 28°C
  • 11°C
  • Thu
  • 33°C
  • 16°C
  • Fri
  • 32°C
  • 20°C
  • Sun
  • 20°C
  • 12°C
  • Mon
  • 18°C
  • 12°C
  • Tue
  • 21°C
  • 11°C
  • Wed
  • 18°C
  • 13°C
  • Thu
  • 19°C
  • 13°C
  • Fri
  • 17°C
  • 14°C
  • Sun
  • 34°C
  • 18°C
  • Mon
  • 36°C
  • 18°C
  • Tue
  • 33°C
  • 14°C
  • Wed
  • 30°C
  • 13°C
  • Thu
  • 36°C
  • 17°C
  • Fri
  • 34°C
  • 22°C
  • Sun
  • 35°C
  • 18°C
  • Mon
  • 34°C
  • 17°C
  • Tue
  • 29°C
  • 14°C
  • Wed
  • 30°C
  • 14°C
  • Thu
  • 35°C
  • 17°C
  • Fri
  • 33°C
  • 21°C
  • Sun
  • 31°C
  • 19°C
  • Mon
  • 24°C
  • 16°C
  • Tue
  • 18°C
  • 14°C
  • Wed
  • 29°C
  • 16°C
  • Thu
  • 23°C
  • 17°C
  • Fri
  • 26°C
  • 19°C
  • Sun
  • 21°C
  • 15°C
  • Mon
  • 18°C
  • 13°C
  • Tue
  • 17°C
  • 12°C
  • Wed
  • 18°C
  • 12°C
  • Thu
  • 20°C
  • 11°C
  • Fri
  • 19°C
  • 13°C
  • Sun
  • 20°C
  • 11°C
  • Mon
  • 18°C
  • 10°C
  • Tue
  • 23°C
  • 8°C
  • Wed
  • 20°C
  • 10°C
  • Thu
  • 21°C
  • 11°C
  • Fri
  • 15°C
  • 13°C
  • Sun
  • 18°C
  • 13°C
  • Mon
  • 16°C
  • 11°C
  • Tue
  • 19°C
  • 10°C
  • Wed
  • 16°C
  • 12°C
  • Thu
  • 19°C
  • 12°C
  • Fri
  • 16°C
  • 13°C
  • Sun
  • 36°C
  • 18°C
  • Mon
  • 36°C
  • 22°C
  • Tue
  • 33°C
  • 17°C
  • Wed
  • 32°C
  • 15°C
  • Thu
  • 37°C
  • 18°C
  • Fri
  • 34°C
  • 22°C
  • Sun
  • 34°C
  • 16°C
  • Mon
  • 29°C
  • 14°C
  • Tue
  • 30°C
  • 10°C
  • Wed
  • 29°C
  • 14°C
  • Thu
  • 33°C
  • 11°C
  • Fri
  • 31°C
  • 12°C
  • Sun
  • 34°C
  • 15°C
  • Mon
  • 33°C
  • 17°C
  • Tue
  • 17°C
  • 13°C
  • Wed
  • 34°C
  • 13°C
  • Thu
  • 32°C
  • 16°C
  • Fri
  • 35°C
  • 18°C
  • Sun
  • 21°C
  • 13°C
  • Mon
  • 18°C
  • 10°C
  • Tue
  • 17°C
  • 10°C
  • Wed
  • 16°C
  • 10°C
  • Thu
  • 23°C
  • 8°C
  • Fri
  • 20°C
  • 14°C

Rand firmer as trade talk hopes rise, stocks edge up

At 1510 GMT, the rand traded 0.57% firmer at 14.2750 per dollar. Lack of local economic data or political news kept the currency in a narrow range.

Picture: EWN.

JOHANNESBURG - The rand firmed on Wednesday as risk appetite improved after comments from the US Treasury Secretary suggesting progress in a trade deal with China, offsetting disappointment about the size of potential US interest rate cuts.

Stocks rose marginally but were held back as bullion shares came under pressure.

At 1510 GMT, the rand traded 0.57% firmer at 14.2750 per dollar. Lack of local economic data or political news kept the currency in a narrow range.

“We are trading in the 10 cents range for the day. I think everybody is sitting on their hands waiting for the G20 summit,” said Andre Botha, a senior currency dealer at TreasuryONE.

Treasury Secretary Steven Mnuchin said on Wednesday that the United States and China were close to a trade deal, CNBC reported ahead of G20 meeting this week between presidents Donald Trump and Xi Jinping.

The rand extended gains made on Tuesday even after members of the Federal Reserve’s policy committee tempered market bets on aggressive U.S. rate cuts next month, with St. Louis Fed President James Bullard saying a 50-basis-point reduction “would be overdone.”

The benchmark JSE Top-40 share Index rose 0.24% to 52,407.30, while the broader All-Share Index ticked up 0.13% to 58,421.72.

Curbing gains were bullion miners which fell 2.2% on a lower spot gold price after the Fed signals. Gold Fields fell 4.17% to R76.71 and Sibanye-Stillwater closed down 2.14% at R16.49.

Technology giant and bourse heavyweight company Naspers rose 1.5% to R3,420.55.

In fixed income, the yield on the benchmark government bond due in 2026 dipped 3 basis points to 8.14%.

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