Rand steady, gold sec­tor lifts bourse

Weekend Argus (Saturday Edition) - - BUSINESS -

THE RAND stead­ied against the dol­lar late yes­ter­day, end­ing a volatile week that saw the unit range bound as risk ap­petite see-sawed over global trade war fears and ten­sions be­tween the US and Rus­sia over Syria.

How­ever, at 5pm, the rand bid at R12.0806 to the dol­lar, 7.93 cents softer than at the same time on Thurs­day.

“The rand has been range bound ... nei­ther de­cid­ing to weaken or strengthen much. It’s a wait and see ap­proach as there are still some jit­ters re­gard­ing the trade war,” said port­fo­lio man­ager from Afrifo­cus Se­cu­ri­ties, Ch­es­lyn Fran­cis.

Global risk ap­petite in the week was also im­pacted by un­cer­tainty in the Mid­dle East. US Pres­i­dent Don­ald Trump said a mil­i­tary strike on Syria may not be im­mi­nent.

Gov­ern­ment bonds weak­ened, with yield on the bench­mark 2026 pa­per up 0.5 ba­sis points to 8.085 per­cent.

Stocks ticked up boosted by gains in the gold sec­tor. The all share in­dex rose up 0.15 per­cent at 56 563.17 points. The bench­mark Top40 in­dex also gained 0.15 per­cent to close at 49 882.87 points. – Reuters

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