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JOHANNESBURG — South Africa’s rand firmed yesterday, boosted by the decision by the United States central bank to keep its benchmark lending rates unchanged, keeping demand for high yield currencies steady. At 0630 GMT the rand was 0,16 percent firmer at 14,4300 per dollar, clawing back some of the ground it lost before Wednesday’s public holiday as investors waited for the 8 May elections.
The US Federal Reserve on Wednesday held interest rates steady and signalled little appetite to adjust them any time soon, spelling good news for emerging markets relying on elevated yield differentials with developed markets to lure investors.
While the rand was boosted by the decision, its long term outlook remains shaky with recent economic indicators showing sluggish growth in the first quarter following nationwide power cuts and slack business and consumer confidence.
ALL SHARE
The All Share index continues in the positive territory after gaining 1.51 points (1,13 percent) to close at 135.20 points. Old Mutual Limited went further up by $0,1647 to close at $10,0746, Delta rose by $0,0619 to end at $2,8251 while Hippo Valley Estates was $0,0462 firmer at $1,6025. Innscor also increased by $0,0290 to end at $1,6634 and OK Zimbabwe traded $0,0199 higher at $0,2799.
Gains were partially offset by losses in RioZim which lost $0,0201 to settle at $1,7400, Turnall eased $0,0060 to end at $0,0800 and Axia traded $0,0013 weaker at $0,3615. First Mutual Properties also decreased by $0,0001 to settle at $0,0596.
Online Reporter