Rand, JSE end week firmer

THE RAND firmed against a weaker dollar yesterday, recovering from losses in the previous session after the central bank unexpectedly cut its benchmark lending rate for the first time in five years.

At 5pm, the rand was bid at R12.9499 to the dollar, 6.31c stronger than at the same time on Thursday.

In fixed income, government bonds extended gains on the rate cut, with the benchmark yield dipping. Meanwhile, stocks dipped amid a sell-off in mining shares.

The benchmark JSE Top40 index lowered 0.23% to 47 801.91 points, and the all share index dipped by a similar margin to 54 162.71 points. The mining sector led the bourse lower after falling 1.2%on the back of a stronger currency. fell 3.17 percent to lost R198.51, 1.35 percent to R184.50,

shed 2.09% to R84.15 and fell 1.26 percent to R77.51. – Reuters