JOHANNESBURG: South Africa’s rand edged lower early on Friday, as investor focus remained on President Cyril Ramaphosa’s imminent cabinet appointments under a new unity government.

At 0803 GMT, the rand traded at 17.9950 against the dollar, 0.2% weaker than its previous close.

Ramaphosa is expected to announce his cabinet in the coming days following consultations with the leaders of the Democratic Alliance and the Inkatha Freedom Party, local media reported.

The DA and IFP are among six political parties to join the African National Congress in a government of national unity after the ANC lost its absolute majority in last month’s election.

South African rand edges lower, focus on president’s cabinet picks

On the stock market, the Top-40 index was up 0.16% while the broader all-share index traded 0.23% higher in early trade.

South Africa’s benchmark 2030 government bond was stronger, with the yield down 2.5 basis points to 9.760%.