NASPERSN: 347,800 +1384 (+0.40%)
South African rand edges higher, stocks flat
(Adds latest prices)
JOHANNESBURG, March 4 (Reuters) - South Africa's rand ended
firmer on Monday, boosted by growing hopes of a trade deal
between the United state and China, but trading was cautious
ahead of crucial local and offshore data that could see the
currency's slide resume.
At 1515 GMT, the rand was 0.1 percent firmer at
14.2175 per dollar compared with a close of 14.2300 on Friday in
The rand snapped a four-day losing streak in the session on
reports U.S. President Donald Trump and Chinese President Xi
Jinping could reach a formal trade deal at a month-end
The rand has shed more than 3 percent since last Monday to
make it one of the worst-performing emerging currencies in
February, and is due to face short term volatility with local
economic growth figures out on Tuesday and U.S. jobs data on
On Thursday, the National Energy Regulator (Nersa) decides
on whether to grant ailing power utility Eskom the large tariff
increases the firm says it needs to keep the lights on.
On Friday, S&P Global Ratings upped Eskom's outlook to
stable from negative but warned the recent 69 billion rand
($4.8 billion) government bailout was not enough to cover the
firm's funding requirements.
Bonds were flat, with the yield on the benchmark paper due
in 2026 holding at 8.725 percent.
Stocks were also little changed, with the Johannesburg Stock
Exchange's top-40 index closing up 0.11 percent at 49,895 points
and the broader all-share up 0.02 percent 56,217 points.
Naspers led the top-40 index higher, up 3.34
percent, after it completed its plan to spin off and unbundle
shares in Africa's largest pay-TV business MultiChoice.
MultiChoice listed on the JSE last week, but shares in the
newly independent company were only unbundled to Naspers
shareholders on Monday.
($1 = 14.2425 rand)
(Reporting by Mfuneko Toyana and Emma Rumney; Editing by Mark
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