World Markets

South Africa's rand, stocks drift weaker in quiet trade

Credit: REUTERS/ROGAN WARD

South Africa's rand traded marginally weaker on Thursday, in line with global currency markets ahead of some important central bank meetings, and in the absence of new signals from the Sino-U.S. trade war and the Brexit saga.

Adds latest figures

JOHANNESBURG, Oct 24 (Reuters) - South Africa's rand traded marginally weaker on Thursday, in line with global currency markets ahead of some important central bank meetings, and in the absence of new signals from the Sino-U.S. trade war and the Brexit saga.

At 1600 GMT, the rand ZAR=D3 traded at 14.6550 per dollar, 0.1% weaker.

Without local catalysts, the rand is expected to take direction from global markets.

The currency dipped slightly tracking the weaker euro, which fell after European Central Bank chief Mario Draghi gave his final news conference and data showed stagnating economic momentum in the euro zone.

Investors also await the U.S. Federal Reserve's meeting on Oct. 29 and 30, where it is expected to cut its benchmark interest rate for a third consecutive time this year.

In fixed income, the yield on the benchmark government bond due in 2026 ZAR186= fell 0.5 basis points to 8.21%.

In stocks, the Johannesburg Stock Exchange's blue-chip index .JTOPI closed 0.24% lower at 49,124 points while the broader all-share index .JALSH was 0.17% weaker at 55,4789 points.

Gold miners were the biggest winners, with Exxaro Resources EXXJ.J, AngloGold Ashanti ANGJ.J and Goldfields GFIJ.J topping the blue chip index and up 2.9%, 2.37% and 2.2%respectively.

At the other end of the spectrum were banks and telecoms firms: Vodacom VODJ.J, off 2.14%, led the index downwards, followed by Standard Bank SBKJ.J, which shed 2.13%, and Absa ABGJ.J and FirstRand FSRJ.J, both losing near to 1.5%.

(Reporting by Mfuneko Toyana and Emma Rumney; Editing by Andrew Cawthorne)

((mfuneko.toyana@thomsonreuters.com; +27117753153; Reuters Messaging: mfuneko.toyana.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest World Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More