Euro zone bond-buy­ing helps boost rand

Weekend Argus (Saturday Edition) - - BOOKS -

SOUTH AFRICAN as­sets gained yes­ter­day with stocks log­ging their first weekly gain in three weeks, while the ECB’s con­tin­ued buy­ing of euro zone govern­ment bonds helped boost ap­petite for the rand and na­tional debt.

Shares of African Bank In­vest­ments surged on strong Oc­to­ber-Novem­ber num­bers, while higher gold prices lifted min­ers.

Shares of Stan­dard Bank fell for a sec­ond straight ses­sion af­ter Africa’s largest lender warned it ex­pected full-year earn­ings to drop by as much as 13 per­cent.

In­vestors largely shrugged off weak­erthan-ex­pected US pay­rolls data re­leased dur­ing the trad­ing ses­sion, with some bet­ting that weak data would lead to more stim­u­lus.

Joburg’s Top-40 in­dex fin­ished up 0.87 per­cent at 27 933.41, edg­ing up 0.72 per­cent on the week. The broader All-Share in­dex gained 0.74 per­cent to 31 376.93. Shares of African Bank In­vest­ments, surged 5.2 per­cent to R37.80. The mass-mar­ket lender said Oc­to­ber-Novem­ber credit sales were 60 per­cent higher than a year ear­lier.

At 15.47 GMT, the rand was trad­ing at 6.8677 to the dol­lar, 0.54 per­cent stronger than its pre­vi­ous close of 6.9050. – Reuters

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