NASPERSN: 281,827 -174 (-0.06%)
South Africa's rand firms on dollar tariff slip, stocks down
* Rand ekes out gains as trade-war weariness trips dollar
* Bourse losses muted by Naspers
(Adds latest prices, analyst quote)
JOHANNESBURG, Sept 17 (Reuters) - South Africa's rand firmed
on Monday, as a dollar rally fuelled by signs of higher lending
rates in the United States was undermined by the latest salvo in
a tit-for-tat trade battle between Beijing and Washington.
Stocks fell with other global equities as investors worried
about goods that could incur higher tariffs and the subsequent
impact on earnings and growth.
At 1535 GMT the rand was 0.2 percent firmer at
14.8950 per dollar after a close at 14.9250 last Friday, most of
those gains coming late in the session as New York traders sold
"There is a lot of EM volatility and the market overall is a
little sceptical. The dust is starting to settle and EM's are
becoming more lucrative and getting some value," said Andre
Botha, currency trader at TreasuryOne.
Rising bets that South Africa's central bank will raise
rates at its policy meeting on Thursday, in line with emerging
economies such as Turkey and Argentina, have also lured back
some yield-seeking investors.
Bonds took a hit, with the yield of benchmark government
paper due in 2026 rising 7.5 basis points to 9.25
The blue chip top 40 index shed 0.48 percent to
50,197 points and the broader all share index was 0.5
percent softer at 56,299 points.
Market heavyweight Naspers closed 0.68 percent
higher at 3,206 rand ($215) after announcing plans to spin off
and separately list its pay-TV unit.
"They are getting rid of a business that for the most part
has not been a part of their core business for a long time,"
said Ryan Woods, equities trader at Independent Securities.
($1 = 14.8926 rand)
(Reporting by Mfuneko Toyana and Patricia Aruo; Editing by
© 2018 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.