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Rand weaker after US Federal Reserve holds lending rates, stocks gain

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The US Federal Reserve on Wednesday held interest rates steady and signalled little appetite to adjust them any time soon.

JOHANNESBURG - The rand weakened on Thursday, alongside emerging markets, after the United States central bank kept benchmark lending rates unchanged but struck a hawkish tone.At 16:09 GMT the rand was 0.59% weaker than its New York close, at 14.54 per dollar.

The sentiment, however, remains focused on the election on 8 May, with the vote set to be the most tightly contested since the end of apartheid 25 years ago and the ruling African National Congress’s large majority set to narrow due to anger over unemployment and poverty. Bonds also weakened, with the yield on the benchmark 10-year government issue up 6 basis points to 8.610%.

A 0.7% increase in new vehicle sales in April provided some comfort to car retailers such as Combined Motor Holdings, Bidvest Group and automotive group Motus holdings, which rose 1.34, 2.34 and 2.25% respectively.

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