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Rand firms on ECB decision, trade hopes, stocks gain

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At 1530 GMT, the rand was 0.55% firmer at 14.5900 per dollar.

JOHANNESBURG - The rand rallied in afternoon trade on Thursday as the European Central Bank’s new stimulus measures and mutual concessions by the United States and China in their trade dispute buoyed risk appetite, while stocks also gained.

The ECB news further buoyed riskier bets, already boosted by signs of detente in the US-China trade war. Leading stocks was South African drugmaker Aspen Pharmacare Holdings Ltd, which gained 10.97% to R94.25 after it lowered its full-year debt, which had concerned investors as levels moved close to breaching debt covenants.

 

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