South African rand pauses after strong gains; stocks rise

10/14/2021 | 12:22pm

JOHANNESBURG (Reuters) -The South African rand was steady against the dollar on Thursday, taking a breather after two days of strong gains.

At 1600 GMT, the rand traded at 14.7975 against the dollar, close to its previous close of 14.7950.

The dollar edged down on global markets.

This week the rand has been boosted by market bets that the South African central bank would raise its main lending rate at its next monetary policy meeting in November, as well as an increase in the gold price and demand for local bonds.

It shrugged off mixed domestic economic data, including August manufacturing and mining numbers, which reinforced the view that the economic recovery from the COVID-19 pandemic has been uneven across sectors.

Stocks advanced, with the Johannesburg Stock Exchange's Top-40 Index rising 1.47% to 60,391 points and the broader All-Share Index climbing 1.26% to 66,846 points.

Miners topped the blue-chip index for the second day in a row as gold continued to rise to a one-month high. Platinum and other precious metals were also on the up.

Impala Platinum was the biggest winner, rising 4.42%, followed by Glencore, Anglo American and BHP Group, all up more than 3%.

(Reporting by Alexander Winning and Emma Rumney; Editing by Maju Samuel)

© Reuters 2021
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