Rand firms to 3-week high, JSE gains

THE RAND hit a three-week high against the dollar yesterday as the greenback eased from its 2018 peak against a basket of major currencies, while payment solutions provider Net 1 Ueps Technologies topped stock gainers.

At 5.12pm, the rand traded at R12.27 to the dollar, 0.32 percent firmer than its close on Thursday. The currency had earlier tightened up to R12.18 to the greenback, its strongest since April 23.

“It’s just a carry-on from the rest of the week. We’ve seen the dollar under pressure across the board. Emerging markets are also all in positive territory today (yesterday),” said Rand Merchant Bank forex trader, Jan Sluis-cremer.

In fixed income, the yield for the benchmark government bond due 2026 fell 4.5 basis points to 8.345 percent, reflecting firmer prices.

In the equities market, the all share index closed 0.72 percent higher at 58 422.86 points, while the blue chip Top40 index climbed 0.64 percent to 51 822.78 points.

Top gainer

jumped 19.69 percent to R127 after reporting a 10 percent rise in third-quarter revenue. – Reuters

Net 1 Ueps Technologies