South Africa’s Rand Gains On Risk Appetite, Stocks Set To Slip

By Joe Brock

South African Rand

South Africa’s rand gained in early trade on Monday on improved appetite for riskier assets while stock futures pointed to a slightly lower open on the main bourse.

At 0650 GMT, the rand traded at 12.7600 per dollar, 0.43 percent stronger than its Friday close. Last week’s low of 12.79/$ offers support.

Fitch and S&P kept South Africa’s sovereign rating unchanged last week. Moody’s decision expected on Friday.

Stocks were set to open lower at 0700 GMT, with the JSE securities exchange’s Top-40 futures index down 0.22 percent.

In fixed income, the yield for the benchmark government bond due in 2026 was 2 basis points lower to 8.43 percent.

 

 

Source: af.reuters.com

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