JOHANNESBURG - The rand weakened slightly on Monday, struggling to regain the momentum that lifted it to a five-week best as traders opted for caution with key local economic indicators due later in the week and offshore risks still uncertain.
South Africa publishes its monthly business confidence index on Wednesday followed by manufacturing and mining production figures on Thursday, data that investors will scrutinise for the economic effects of recent national electricity blackouts. But a risk-off mood as Monday’s session commenced kept the rand above the 14.00 mark, a key technical and psychological level targeted by rand bulls looking to lock in the price before volatility intensifies ahead of 8 May national elections.
In the equities market, commodity stocks topped the gainers as gold prices hit an over a week peak on Monday, on the back of a weaker dollar. A stronger platinum price also lifted platinum shares.
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