Rand weakens, stocks open higher

The rand weakened in early trade on Wednesday, as the dollar rose, helped by a rise in US Treasury yields. At 0702 GMT, the rand traded at R15.40 against the dollar, 0.29% weaker than its previous close. The dollar index gained 0.1% against its rivals. Commerzbank analysts said in a research note that stronger-than-expected first quarter GDP data reported on Tuesday, which gave the rand a boost in the previous session, was likely to constitute “a brief flicker”.

“Not only the devastating floods in parts of the country in early April as well as massive shortages in the electricity supply are likely to notably dampen activity in the second quarter,” Commerzbank said. It added that the high inflation rate and rising wages were also likely to slow the economy. On the stock market, the Top-40 index and the broader all-share rose around 0.5% in early trade. The government’s benchmark 2030 bond was stable in early deals at 9.970%.

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