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Reuters
3 days ago
- Business
- Reuters
South Africa's assets gain as it concludes G20 finance meeting with communique
JOHANNESBURG, July 18 (Reuters) - South Africa's rand, government bonds and stocks gained on Friday as investors mulled over the country's hosting of a two-day Group of 20 finance meeting where participants agreed a final communique, the first since October 2024. South Africa, under its presidency's motto "Solidarity, Equality, Sustainability", has aimed to promote an African agenda, with topics including the high cost of capital and funding for climate change action. A communique indicates that G20 finance leaders have reached consensus on at least some key issues. At 1503 GMT, the rand traded at 17.7050 against the U.S. dollar , up roughly 0.6% on Thursday's close. The Johannesburg Stock Exchange's Top-40 index (.JTOPI), opens new tab was last up 1.5% and the wider All-Share index (.JALSH), opens new tab up 1.4%, hovering around an all-time high. Anchor Capital said in a research note that the local bourse was largely helped by mining sector stocks. Shares in Gold Fields were last up 2%, with Harmony Gold up 1%, and Sibanye Stillwater up 4%. The meeting of G20 finance ministers and central bank governors stressed the importance of central bank independence and multilateralism as they sealed the communique, ahead of U.S. President Donald Trump's August 1 deadline for country-specific tariffs. Domestic investor focus next week will be on South Africa's May business cycle leading indicator (ZALEAD=ECI), opens new tab and June consumer inflation data (ZACPIY=ECI), opens new tab for clues about the health of Africa's most industrialised economy. "(Inflation data) is unlikely to do much for the performance of the ZAR, given that the rates markets have already moved to price out the prospect of more than one more rate cut," ETM Analytics said in a research note. South Africa's benchmark 2035 government bond also edged up, as the yield fell 1.5 basis points to 9.945%.
Reuters
13-03-2025
- Business
- Reuters
South African rand slips ahead of local data, focus on budget talks
JOHANNESBURG, March 13 (Reuters) - South Africa's rand extended its losses early on Thursday before manufacturing and mining data releases, a day after the national budget was tabled before lawmakers and met with resistance. At 0710 GMT, the rand traded at 18.37 against the dollar , about 0.3% weaker than its previous close. It fell more than 1% at one point on Wednesday. Domestic investors will keep a keen eye on the post-budget discussions, following resistance to Finance Minister Enoch Godongwana's proposal of raising value-added tax by 0.5 percentage point this year and another 0.5 percentage point next year. The initial budget version shelved three weeks ago had put forward a 2-percentage-point VAT increase this year. "(The budget) introduces uncertainty, which the ZAR does not need right now," said ETM Analytics in a research note. "It (the rand) has been unable to take advantage of the weaker USD in recent weeks, and given the fragility of global equity markets, one gets the sense that the ZAR may be in for a bumpy ride," the note added. Statistics South Africa is scheduled to publish January mining data (ZAMNG=ECI), opens new tab at 0930 GMT, followed by manufacturing output (ZAMAN=ECI), opens new tab figures for the same month at 1100 GMT. On the Johannesburg Stock Exchange, the blue-chip Top-40 index (.JTOPI), opens new tab last traded up about 0.4%. South Africa's benchmark 2030 government bond was flat in early deals, with the yield at 9.085%.
Reuters
11-03-2025
- Business
- Reuters
South African rand gains amid US recession fears ahead of local budget
JOHANNESBURG, March 11 (Reuters) - South Africa's rand edged higher on Tuesday against a weaker dollar amid global and domestic economic uncertainty and as investors eyed a U.S. inflation print for cues into the Federal Reserve's interest rate stance. At 0711 GMT, the rand traded at 18.30 against the U.S. dollar , about 0.3% stronger than Monday's close. The greenback traded lower against a basket of currencies and Wall Street plunged overnight on Monday after U.S. President Donald Trump declined to predict whether his tariff policies could lead to a recession, roiling investor sentiment. Traders now await U.S. inflation data due on Wednesday for hints into the Fed's policy path amid simmering trade tensions and slowdown fears in the world's largest economy. "All indications are that the U.S. is about to enter a recessionary environment and the U.S. exceptionalism argument that has supported the dollar for so long is gradually evaporating," ETM Analytics said. South Africa-focussed investors will look to the local budget presentation on Wednesday after it was postponed last month over disagreements in the coalition government over increasing value added tax by two percentage points. "Were it not for the government's inability to decide on a budget, the rand might've taken greater advantage of this environment," the note added. On the Johannesburg Stock Exchange, the blue-chip Top-40 index (.JTOPI), opens new tab was little changed. South Africa's benchmark 2030 government bond was also flat, with the yield at 9.055%.
