Rand slides on US jobs data, JSE retreats

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FTSE/JSE Africa Index Series

THE RAND fell on Friday, giving up early gains, after buoyant US jobs data gave the dollar an upward jolt.

The local unit reversed earlier gains against the dollar as the greenback surged after the US reported employment data far stronger than expected.

At 5pm on Friday, the rand was bid at R13.7761 to the dollar, less than a cent firmer than at the same time on Thursday. Smooth local elections had helped propel the local currency to nine-month peaks in the previous session.

Meanwhile, the yield on the 2026 benchmark bond climbed.

Stocks retreated on Friday, with MTN among the decliners after the mobile phone operator reported its first-ever interim loss.

The blue chip JSE Top40 index ended 0.32 percent lower at 45 385.74 points, while the broader all share index was down 0.37 percent at 52 348.36 points.

was one of the biggest losers among the blue chips. The company reported a loss of R4.9 billion, or 271 cents a share, in the six months after it was handed a hefty regulatory fine in Nigeria. The stock shed 2.79 percent to close at R129.82.

Around 227 million shares changed hands on the bourse, below last year’s daily average of 280 million shares.

MTN