Latest news with #Top-40
Business Recorder
6 days ago
- Business
- Business Recorder
South African rand slips after week of gains
JOHANNESBURG: The South African rand slipped in early trade on Thursday after a week of gains, dragged down by an uptick in the dollar and a weaker global gold price. At 0715 GMT, the rand traded at 17.58 against the dollar , down 0.4% on Wednesday's closing level. The dollar was up 0.1% against a basket of global currencies , while spot gold traded down 0.3%. In recent days, the rand had benefited from investor optimism that the country's budget would pass after months of delays and revisions. South Africa's parliament passed the last major budget bill late on Wednesday after the two biggest parties in the governing coalition found common ground after months of disagreements. With no major domestic data releases for the rest of this week, the rand may now move mainly on global drivers. The Johannesburg Stock Exchange's Top-40 index rose 0.3% in early trade. The yield on the benchmark 2035 government bond was little changed at 9.82%.
Business Recorder
18-07-2025
- Business
- Business Recorder
South Africa's rand and stocks gain as G20 finance meeting nears conclusion
JOHANNESBURG: South Africa's rand and stocks gained on Friday as investors turned their attention to the final day of the two-day Group of 20 finance meeting, which South Africa, the first African host nation, hopes to conclude with a formal communique. A communique would indicate that the G20 finance leaders have reached consensus on at least some key issues. At 1105 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 was last up 1.4%. The meeting of G20 finance ministers and central bank governors will continue on Friday, with tariffs, debt relief and climate resilience being the core topics debated so far. On the broader agenda, South Africa's Treasury Director General Duncan Pieterse said the G20 hoped to issue the first communique under the country's presidency by the end of the meetings. South African rand steady before retail sales data Canada's finance minister Francois-Philippe Champagne also told Reuters he was cautiously optimistic that a final communique would be agreed, but that the G20 of large developed and developing countries needed to send a clear message. Domestic investor focus next week will be on the country's May business cycle leading indicator and June consumer inflation data 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 was weaker, as the yield rose 2.5 basis points to 9.985%.
Business Recorder
22-05-2025
- Business
- Business Recorder
South African rand steady after fraught Ramaphosa-Trump meeting
JOHANNESBURG: South Africa's rand was steady on Thursday, as markets tried to digest US President Donald Trump's Oval Office ambush of South African leader Cyril Ramaphosa, which overshadowed the country's budget presentation. At 0746 GMT, the rand traded at 17.965 against the dollar , not far from its previous close on Wednesday and near a five-month high. South African Finance Minister Enoch Godongwana tabled the 2025 budget for the third time on Wednesday, after scrapping plans to raise value-added-tax, the most contentious element in his two previous attempts. The market focus quickly shifted to Ramaphosa's meeting with Trump, however, which the South African leader had hoped would help reset strained ties between the two nations after Trump suspended aid to South Africa earlier this year, citing its land reform policy and its genocide case against Israel. However, Trump confronted Ramaphosa in the White House with false allegations of mass killings of white people and land seizure, which the South African leader pushed back against. Following a bilateral meeting with Trump, Ramaphosa told reporters that the two countries had agreed to discuss critical minerals in South Africa, but did not provide details. A trade and investment proposal was also submitted, which includes buying liquefied natural gas from the United States, his trade minister said. South African rand near five-month high before budget, Trump meeting 'One hopes that more constructive talks around trade and bilateral relations took place behind closed doors, but as yet, there have been no updates,' said Andre Cilliers, currency strategist at TreasuryONE. On the stock market, the Top-40 index was down about 0.7%. South Africa's benchmark 2030 government bond was weaker, with the yield up 2 basis points to 8.90%.
Business Recorder
16-05-2025
- Business
- Business Recorder
South African rand eases from five-month high
JOHANNESBURG: South Africa's rand eased from its strongest level in five months on Friday, a dayafter a minister said that a new inflation-targeting plan was imminent. At 1425 GMT, the rand traded at 18.095 against the dollar , about 0.4% weaker than its previous close. It hit 17.9925 per dollar in the morning session for the first time since mid-December. Markets welcomed Deputy Finance Minister David Masondo's comments at an investor conference on Thursday that anannouncement would be made 'very soon' about South Africa's inflation-targeting regime. The central bank's current inflation target is a 3-6% range and its governor Lesetja Kganyago has for years argued for a lower target. 'With little data on the economic front, markets' attention will likely remain on international geopolitics,' said AndreCilliers, currency strategist at TreasuryONE. South African rand recoups losses, power cuts in focus President Cyril Ramaphosa is scheduled to meet his U.S. counterpart Donald Trump next week in a bid to reset strained ties. Ramaphosa's spokesperson Vincent Magwenya told the broadcaster SABC late on Thursday that the visit would be short and would not involve a large delegation. On the stock market, the Top-40 index was up 0.2%. South Africa's benchmark 2030 government bond was marginally stronger, with the yield down 0.5 basis point to 8.865%.
Reuters
22-04-2025
- Business
- Reuters
South African rand firms as gold rallies
JOHANNESBURG, April 22 (Reuters) - The South African rand jumped on Tuesday as gold prices rose after U.S. President Donald Trump criticised Federal Reserve Chair Jerome Powell, rattling markets and boosting demand for the safe-haven asset. At 1400 GMT the rand traded at 18.6025 against the dollar , about 0.8% stronger than its close on Monday, after peaking about 1% higher. "The South African rand is gaining support from several factors, including surging gold prices and increased pressure on the U.S. dollar following Donald Trump's remarks about the Federal Reserve," said Zain Vawda, market analyst at MarketPulse by OANDA. The rand is often supported by surges in prices of the gold and mineral exports that South Africa's economy relies on. But it has also been undermined in recent months by political disputes between the two biggest parties in the Government of National Unity (GNU) - the African National Congress and the Democratic Alliance (DA) - over a proposed increase to value-added tax on May 1. The DA and other smaller parties have publicly rejected the proposal and filed a court case challenging the legality of the budget process. The case was heard on Tuesday. "South Africa's recent VAT hike, while impacting the GNU, has been interpreted positively by markets," Vawda said. South Africa's composite leading business cycle indicator fell 0.2% month-on-month in February, central bank data showed. On the Johannesburg Stock Exchange, the blue-chip Top-40 index was up about 0.3%. South Africa's benchmark 2030 government bond was little changed, with the yield down 0.5 basis point at 9.165%.
