Rand steady, gold sector lifts bourse
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