South African rand rides risk sentiment higher
(Updates to reflect afternoon trading)
JOHANNESBURG, May 14 (Reuters) - South Africa's rand
strengthened on Monday, benefiting from an upswing in global
risk appetite linked to hopes for improving trade relations
between the United States and China, the world's two largest
At 1638 GMT, the rand was trading at 12.2750 to the dollar,
around 0.1 percent stronger than its close on Friday.
The South African currency hit a three-week high against the
U.S. currency last week as the dollar was under pressure on
Traders said the rand continued to respond to external
factors on Monday in the absence of major local data releases,
though unemployment and retail sales data are scheduled for
later this week.
Investors will scrutinise those data points for signs South
Africa's economic recovery has continued to build momentum in
the wake of President Cyril Ramaphosa's election as head of
state in February.
In fixed income, the yield on the benchmark government bond
due in 2026 was little changed on Monday, falling less
than 1 basis point to 8.335 percent.
Stocks ended the day mostly higher, with the Johannesburg
All-Share index up 0.33 percent at 58,614 points and
the Top-40 index up 0.34 percent at 52,000 points.
Among the best-performing shares, miner Lonmin rose
over 6 percent on the local exchange after it narrowed its
first-half operating loss and set out plans to cut spending.
Elsewhere there were gains for bourse heavyweight Naspers
(Reporting by Alexander Winning
Editing by Alison Williams)
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