South Africa's rand firms as dollar rally pauses, stocks down

05 Oct, 2018

* The rand was 0.24 percent stronger at 14.8225 per dollar at 0716 GMT, having closed in New York at 14.8575.

* "A strong September US non-farm payrolls figure is likely to stir market volatility," Rand Merchant Bank analysts wrote in a note. "If Wednesday's strong read of US private employment is anything to go by, we are in for a bumpy ride."

* The private payroll numbers were seen as boosting the odds that US jobs data for September would also be stronger than expected, likely indicating the tightening cycle by the Federal Reserve will continue.

* In fixed income, the yield on the benchmark government bond due in 2026 rose 4.5 basis points to 9.245 percent.

* On the stock market, the Top-40 index was down 0.94 percent while the broader all-share fell 0.74 percent in early trade.

* Shares in MTN Group fell more than 9 percent after a Bloomberg report that Nigeria is seeking to charge 15 percent interest on an $8 billion claim.

Copyright Reuters, 2018
 

 

 

 

Read Comments