UPDATE 1-South Africa rand gains on economic growth recovery signs

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UPDATE 1-South Africa rand gains on economic growth recovery signs

(Adds latest prices, analyst quotes)

JOHANNESBURG, March 9 (Reuters) - South Africa's rand recovered from a two-month low on Tuesday, lifted by investors moving into higher yielding currencies and slightly better than forecast economic growth figures.

The rand ZAR=D3 was up 1% to 15.3825 against the dollar at 1545 GMT, after slipping to 15.5700 on Monday in a broad emerging market sell-off sparked by rising U.S. Treasury yields.

With these moderating, traders turned to higher yielding currencies such as the rand which stand to benefit further from loose monetary policy in developed markets. Africa's gross domestic product expanded by 6.3% quarter-on-quarter on an annualised basis, while an annual contraction of 7% was not as bad as forecast. figures show the benefit of the global economy also opening up, paving the way for better growth entering into 2021," said chief economist at Citadel Maarten Ackerman.

The Johannesburg Stock Exchange (JSE) neared an all-time peak hit last week, with gold miners and banks leading gains.

The benchmark FTSE/JSE all-share index .JALSH ended 0.34% higher to 68,656 points. The bluechip top-40 companies index .JTOPI closed 0.3% higher to 63,098 points.

Higher global gold prices lifted the local bullion miners' index .JGLDX , which rose 5% to exceed a one-month peak.

Banks, sensitive to South Africa's growth outlook, gained, with the index of local lenders .JBANK up by 1.5%.

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