* Rand firms after French election result
* Gold stocks down
* Resource miners biggest losers on market (Adds closing prices, detail, analyst comment)
JOHANNESBURG, April 24 (Reuters) - South Africa's rand hit a three-week high against the dollar on Monday as emerging markets were buoyed by France's presidential election first-round win for the market's preferred candidate.
Stocks rose but gold mining firms anchored gains as safe haven assets were less in demand.
At 1500 GMT, the rand ZAR=D3 traded at 13.0125 per dollar, 0.89 percent firmer from its New York close on Friday. The unit was trading at its firmest levels since March 30, according to Thomson Reuters data.
"Following the first round of the French election we've seen some renewed risk appetite which has bode well for our currency," said IG South Africa senior market analyst Shaun Murison.
Uncertainties surrounding the French vote dissipated after Centrist Emmanuel Macron, a pro-EU and former economy minister, qualified for the May 7 runoff alongside far-right leader Marine Le Pen. fixed income, the yield for the benchmark government bond due in 2026 ZAR186= dipped 1 basis points to 8.635 percent.
On the stock market, the benchmark Top-40 .JTOPI index was up 1.51 percent firmer at 46,187 points, while the broader All-share index .JALSH gained 1.39 percent to 52,921.
Gold shares weighed on the bourse as the gold mining index .JGLDX was down 5.4 percent.
Gold is often seen as a safe-haven among investors when there is uncertainty in political matters. Polls have consistently suggested that Macron would beat Le Pen in the second-round vote in France.
"If you look at France right now there is an element of certainty that certain parties or elements have been eliminated from the race," said Global Trader's Paul Chakaduka.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.