South Africa’s rand at two-week high vs hobbled dlr, stock rise

16/07/2017 06:25 AST

South Africa's rand extended its gains against a weak dollar on Friday, lifted by technical factors and comments by senior US central bank officials about "gradual" tightening, which also helped ignite stocks.

At 1530 GMT, the rand was fetching 13.03/dlr, a hefty gain on the day of almost 1.4 percent to scale its highest level in over two weeks.

Technically, the rand has been getting support from momentum indicators which showed it was straying into oversold territory earlier this week, while bets on a modest US Federal Reserve rate hike path have helped to retain its yield appeal. In fixed income, the yield for the benchmark government bond due in 2026 fell 5.5 basis points to 8.695 percent.

Stocks closed higher, with the mining index gaining 0.82 percent after South Africa suspended implementation of a new mining law, which includes raising the level of black ownership in mining firms, pending a court ruling.

Mining shares fell to more than one-year lows when Mines Minister Mosebenzi Zwane released the revised mining charter in June, giving resource firms 12 months to meet a new 30 percent minimum for black ownership, up from 26 percent.

The benchmark Top-40 index closed 0.54 percent higher at 47,309.26 points while the broader All-share index added 0.56 percent to 53,597.96 points.

Business Recorder
Forex News
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
QNBK 140.2 89,927
SECO 24.11 799,660
GFH 0.58 10,000
SABIC 99.88 1,998,578
RIBL 10.76 308,413
EMIRATESNBD 8.09 167,938
Recent News

Saudi's NCB Q2 net profit flat, operating income down
Saudi Arabia's National Commercial Bank (NCB), the kingdom's largest lender, reported a 0.9 percent dip in second-quarter net profit on Sunday as a drop in operating expenses was offset by lower ope

Arabian Pipes Co. announces the Appointment of new CEO
Arabian Pipes Co. announces that the Board of Directors accepted during their meeting today 23 Jul 2017 that appointment of Eng. Ahmed Ali Al-Lohaidan as CEO starting from 24-07-2017 It's worth menti

Deyaar announces H1 2017 revenues of AED 316 million
Deyaar Development PJSC, one of the UAE’s leading property development and real estate services companies, today announced its financial results for the first half of 2017.

Deyaar reported %

Burgan Bank's H1 net income up 24pc
Kuwait-based Burgan Bank Group has registered a 24 per cent jump in its net income for the first half of 2017 which soared to KD39 million ($128 million) from last year's KD31.4 million ($103.5 milli

Kuwait's trade surplus with Japan up 46pc
Kuwait's trade surplus with Japan expanded by 46.1 per cent from a year earlier to 25.6 billion yen ($228 million) in July, up for the sixth month in a row, thanks to brisk exports, said state news a

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend


Looking ahead, what change you are more likely to make in investing in your domestic stock market?