ANGGOLD: 14,305 -350 (-2.39%)
South African rand hits 3-week high vs dollar
* Rand 0.32 pct firmer on weaker dollar
* Net 1 tops stock gainers
* Gold stocks shine on soft U.S. inflation data
(Adds stocks, quote)
JOHANNESBURG, May 11 (Reuters) - South Africa's rand hit a
three-week high against the dollar on Friday as the greenback
eased from its 2018 peak against a basket of major currencies,
while payment solutions provider Net 1 UEPS Technologies topped
At 1512 GMT, the rand traded at 12.2700 per dollar,
0.32 percent firmer than its close on Thursday. The currency had
earlier tightened up to 12.1800/dollar, its strongest since
"It's just a carry-on from the rest of the week. We've seen
the dollar under pressure across the board. Emerging markets are
also all in positive territory today," said Rand Merchant Bank
forex trader Jan Sluis-Cremer.
He added: "We really should be targeting the 11.9500 area in
the coming session."
In fixed income, the yield for the benchmark government bond
due 2026 fell 4.5 basis points to 8.345 percent,
reflecting firmer prices.
In the equities market, the Johannesburg All-Share index
closed 0.72 percent higher at 58,422 points, while the
blue chip Top-40 index climbed 0.64 percent to 51,822 points.
Payment solutions provider Net 1 UEPS Technologies Inc
topped the gainers after reporting a 10 percent
increase in third-quarter revenue.
Net 1 climbed to its biggest daily gain in 2-1/2-weeks,
jumping 19.69 percent to 127 rand.
The gold index rose 0.82 percent to 1,068 points as
bullion was set for its first weekly gain in four weeks after
soft U.S. inflation data suggested the Federal Reserve might
show caution on the pace of interest rate rises.
The weaker-than-expected data knocked the dollar from its
2018 highs, benefiting gold because a weaker greenback makes
bullion cheaper for users of other currencies, while lower bond
yields make non-yielding gold more attractive to investors.
Harmony Gold rose 2.74 percent to 24.35 rand, while
AngloGold Ashanti climbed 1.49 percent to 111.99 rand.
(Reporting by Nqobile Dludla and Patrica Aruo; Editing by Hugh
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