Weekend Witness - - Money -

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.

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