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JOHANNESBURG — South Africa’s rand made modest gains against the dollar yesterday in thin trade, pulling away from two-week lows as a recent bout of global risk aversion eased.
Stocks declined for a second straight day as Anglo American and financials weighed on the Johannesburg Securities Exchange.
By 1530 GMT the rand had firmed 0.2 percent to 15.2820 per dollar, inching away from the previous session’s low of 15.4200, helped by a return of risk appetite as global oil prices steadied near 11-year lows.
Government bonds also rose, with yields on the benchmark debt due in 2026 shedding 3.5 basis points to 9.56 percent.
Attention returns to local data with the national revenue agency due to publish trade balance figures today.
South Africa is expected to post a smaller trade deficit of 3.7 billion rand ($242 million) in November after recording one of 21.4 billion rand in October — a number that surprised local markets and pushed the rand to record lows at the time.
Trading in stocks was muted, with 106 million shares changing hands, according to preliminary stock exchange data, well below last year’s daily average of 183 million shares.
Anglo American was the biggest loser among the blue chips, shedding 3.3 percent to close on 66.44 rand.
Standard Bank fell 3 percent to 116.63 percent and Barclays Africa Group was down 2.2 percent at 144.12 rand.
The benchmark Top-40 index declined 0.53 percent to 45,996.54 points, while the broader All-Share index was down 0.44 percent at 50,964.44 points. — Reuters.
Online Reporter