Rand rises on J&J vaccine plans, stocks near record high

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The rand rose 0.5%, as the country looked to start a vaccination campaign with Johnson & Johnson's Covid-19 vaccine after data showed AstraZeneca's shot offered minimal protection against mild-to-moderate illness from the dominant local virus variant.

"There is not just uncertainty as to whether the package entails risks of overheating but also as to how the Fed would react ... whereas high inflation puts pressure on the dollar the Fed’s proactive measures would support the dollar."

Stocks have by far gained the most from a risk-driven rally this year, even outperforming their developed world peers on expectations that steady vaccination campaigns and stimulus will enable a strong economic recovery this year.

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