Rand re­verses gains, bourse ad­vances

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THE RAND re­versed ear­lier gains and slipped against the dol­lar yes­ter­day as the US cur­rency hit a two-month high against the yen, boosted by ro­bust eco­nomic data.

At 5pm, the rand was bid at R13.4389 to the dol­lar, less than a cent softer than at the same time on Fri­day. The dol­lar has been ex­tend­ing broad gains made af­ter much stronger than ex­pected June em­ploy­ment data was pub­lished on Fri­day.

“US jobs data were a mixed bag, but did not halt the green­back’s ad­vance against a bas­ket of cur­ren­cies,” NKC African Eco­nom­ics said in a note.

In fixed in­come, the yield for the bench­mark gov­ern­ment bond due in 2026 dipped.

Mean­while, stocks fol­lowed global shares higher, lifted by the US jobs data yes­ter­day, which showed Ger­man ex­ports rose more than ex­pected in May.

The bench­mark JSE Top40 in­dex rose 0.67 per­cent to 45 976.56 points, while the wider all share in­dex ended 0.55 per­cent higher at 52 187.92 points.

Among movers, MTN Group added 0.48 per­cent to R116.30 af­ter its main com­peti­tor in Nige­ria, Etisalat, said it would pull out of the South African com­pany’s most lu­cra­tive mar­ket.

Gold Fields ad­vanced 3.43 per­cent to close at R47.16.

Euro­pean stocks closed higher, un­der­pinned by fi­nan­cials and ba­sic re­sources, as merg­ers and ac­qui­si­tions rum­bled on with some bro­ker notes also prompt­ing in­di­vid­ual stock moves.

The pan-Euro­pean STOXX 600 was up 0.4 per­cent at its close, rising in con­cert with euro zone stocks and blue chips. Strong gains in banks boosted the bench­marks, while ba­sic re­sources re­versed course to trade higher.

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