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Rand recovers against ailing dollar, stocks gain

Top 40 Index edges up 0.4%.

JOHANNESBURG – The rand strengthened on Friday against the ailing dollar, which limped toward its worst week against major currencies since last July on the turbulence surrounding Donald Trump’s U.S. presidency.

Stocks posted modest gains, lead by Kumba Iron Ore, which saw its shares jump 6.7 percent as Shanghai rebar steel futures climbed 4 percent to a six-week peak, supported by worries over tighter supply.

Johannesburg’s benchmark Top-40 index rose 0.4 percent to 47,692.60 while the broader All-share index added 0.42 percent to 54,427.30.

At 1530 GMT, the rand traded at 13.225 per dollar, 1.5 percent up on its New York close on Thursday.

The rand’s gains after most emerging markets currencies fell on Thursday as uncertainty mounted over U.S. President Donald Trump’s future following reports that he tried to interfere with a federal investigation.

In fixed income, the yield for the benchmark government bond due in 2026 added half a basis point to 8.68 percent.

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Laurie Wiid

Laurie Wiid

NFB Private Wealth Management
Moneyweb Click an Advisor
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Moneyweb Investor Issue 24

The relative strength of the rand has seen South Africans relax since the cabinet reshuffle and sovereign downgrades by S&P and Fitch. Don't be deceived - this is a self-inflicted wound. In the May issue of The Moneyweb Investor, we take a closer look to see which companies are likely to thrive and which will not, in the post-downgrade world.

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