Market News
South African rand firms as traders assess raft of local economic data - REUTERS
BY Sfundo Parakozov and Nilutpal Timsina
JOHANNESBURG, Sept 30 (Reuters) – The South African rand firmed on Wednesday as investors digested month-end domestic economic data that offered clues on the health of the economy.
- At 1432 GMT, the rand traded at 16.3250 against the US dollar, about 0.5% stronger than its previous close.
- Data from the South African Reserve Bank showed M3 money supply growth accelerated to 8.89% in August from 8.57% in July. Private sector credit growth rose to 7.47% from 7.41%, exceeding the 6.90% forecast in a Reuters poll.
- Traders also assessed August budget balance, producer inflation and trade balance figures released by the National Treasury, Statistics South Africa and the South African Revenue Service, respectively.
- Growth in producer prices slowed in August, while the trade surplus was wider than analysts had expected in a Reuters poll.
- On the Johannesburg Stock Exchange, the Top-40 index was up about 0.2%.
- South Africa’s benchmark 2035 government bond strengthened, as the yield fell 10.5 basis points to 8.73%.
