THE rand retreated slightly against the dollar yesterday after strong gains the previous day, but should hold its own in the short term after the Reserve Bank signalled it would hike interests rates further this year.
The rand was trading at 10,5975. Government bonds also softened. Yields rose 3 basis points to 8,375% for the 2026 benchmark and half a basis point to 6,805% for the instrument maturing in 2015.
Stocks rose more than one percent yesterday. Grindrod slipped 1,4% to R26,10 after it said it would issue up to R4 billion of new shares to fund expansion projects.
The benchmark Top40 index ended up 1,2% at 43 167,60. The broader AllShare index also advanced 1,2%, to 47 930,03.
Shoprite gained 2,8% to R158,50. Fellow retailer Woolworths Holdings added nearly one percent to R73,46. — Reuters.