RAND, BONDS, JSE ALL GAIN

THE RAND firmed on Friday as demand for emerging market currencies lifted on reports that China and the US had made more progress in their trade talks.

At 5pm, the rand was 0.86 percent firmer at R14.4137 to the dollar.

Chinese Vice Premier Liu He spoke by telephone with US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer, with the two sides making further substantive progress on trade talks, Xinhua news agency said on Friday.

Bonds also gained, with the yield on the benchmark paper due in 2026 down 9 basis points to 8.67 percent.

Analysts expect the rand to remain volatile as it reacts to global factors and concerns over the domestic economy.

Struggling state power firm Eskom resumed power cuts on Thursday and said on Friday the blackouts would continue until Sunday. It warned that further cuts were likely this week, underscoring the risks to businesses.

The rand fell on Thursday after data showing that output in two key industrial sectors of mining and manufacturing remained weak.

On the bourse, the Top40 index closed 0.4 percent higher at 49 684.03 points while the broader all share rose 0.45 percent to 56 040.21 points.

MultiChoice topped the gainers’ list on the Top40 index, jumping 4.73 percent to R124.78 after fund manager Allan Gray upped stake in the pay-TV company to 5.5 percent. I Reuters