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)

Add Chart to Comment

Comment Guidelines

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.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100
Please try another search
  • Labib Cader @Labib Cader
    i want to make money like that.
    Like 0
  • Charlton Farmer @Charlton Farmer
    so basically It buys the whole day retest yes but inflation will take place.
    Like 0