Rand firms on falling dollar, stocks up

JOHANNESBURG - The rand was set to end the week on a firmer footing on Friday as the US dollar weakened, while signs of economic stabilisation in China boosted demand for riskier assets.

“The rand is on route to securing its second straight week of gains against the dollar despite disappointing domestic economic data weighing on sentiment,” said FXTM research analyst Lukman Otunuga in a note. Investors’ appetite for riskier currencies was boosted on Friday after Chinese data showed exports rebounded last month, helping offset weaker imports, and by reports of another reduction in Germany’s growth forecasts, analysts said.

Consumer staples led the blue-chip index higher, with Africa’s largest supermarket group Shoprite gaining 3.2% to R175.99 and Bid Corporation rising 1.74% to R293.

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