South Africa's rand up against dollar

South Africa's rand firmed against the dollar on Tuesday as risk appetite picked up after China announced measures to minimise the economic impact from the coronavirus epidemic, but the unit remained vulnerable to concerns over a weak local economy. At 1505 GMT, the rand traded at 14.7330 per dollar, 0.93% firmer than its previous close.

The rand has tumbled 5.3% against the greenback since the beginning of the year, also hit by signs of weakness in the local economy. The currency remained vulnerable as problems at state power utility Eskom pile pressure on an already ailing economy.

On the bourse, stocks rose to a more than one-week high, with retailer Steinhoff International topping the gainers following a report of a possible takeover bid for its European retail group Pepco. Steinhoff soared to a more than seven-month high to record its biggest one-day rise in more than two years. It closed 47.22% firmer at 1.59 rand.

The Johannesburg All-Share index jumped 1.77% to 56,817 points, while the Top-40 index climbed 1.98% to 50,892 points as risk appetite returned.

In fixed income, the yield on the benchmark bond was down 1.7 basis points to 7.943%.