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Principale » South Africa's rand retreats as sellers return to take profits (SHFF)

South Africa's rand retreats as sellers return to take profits (SHFF)

07 Décembre 2017

Meanwile, the rand traded at 13.5100 per dollar at 1517 GMT, compared to a close of 13.5225 overnight in NY.

"It's more the dollar play than anything else", said TreasuryOne currency dealer Phillip Pearce.

The two best performing blue-chips were e-commerce firm Naspers and private hospital group Mediclinic.

The rand had gained earlier this week on hopes that Deputy President Cyril Ramaphosa - who is seen as more investor friendly - will win the race to become the next leader of the ANC.

On the stock market, the benchmark Top-40 index was up 0.2 percent at 51,656 points, while the broader All-share index rose by 0.01 percent to 58,013 points.

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South Africa's rand weakened on Wednesday, giving back gains made after a larger-than-expected expansion in third-quarter GDP as investors took some profits on the recent rally.

Naspers came under pressure after weakness in Chinese internet company Tencent and extended losses to close down 3 percent at 3,520 rand after a US law firm launched an inquiry on behalf of shareholders into whether it engaged in securities fraud or other unlawful businesses practices.

Government bonds were firmer in early trade, with the yield for the benchmark instrument due in 2026 down 5 basis points to 9.185 percent.

Steinhoff weighed on the bourse as its shares extended losses after it said on Tuesday it had appointed PwC to investigate "accounting irregularities" and its chief executive, company veteran Markus Jooste, quit.

South Africa's rand retreats as sellers return to take profits (SHFF)