S.African rand slips but stocks ride global rally

  • Reuters
  • Forex News
S.African rand slips but stocks ride global rally
Credit: © Reuters.

JOHANNESBURG (Reuters) - South Africa's rand slipped in thin trade on Thursday, even as investors turned back towards riskier assets at the expense of the dollar and other safe-haven assets.

At 0700 GMT, the rand traded at 15.7325 against the dollar, 0.2% weaker than its previous close.

Stocks enjoyed a further boost in early trade, building on gains made a day earlier.

Shares around the world have rallied in recent days as investors welcomed signs that the Omicron variant of COVID-19 might be less severe than feared, as well as other positive signals like robust U.S. economic data.

The Johannesburg Stock Exchange's Top-40 Index was up almost 1% shortly after the market opened.

Safe-haven assets like the U.S. dollar, meanwhile, eased further as risk sentiment increased.

South African government bonds strengthened slightly, with the yield on the instrument due in 2030 dropping 1 basis point to 9.375%.

(Reporting by Emma Rumney; Editing by Subhranshu Sahu)

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    Like 0