JOHANNESBURG: South Africa's rand firmed against the dollar on Friday after US employment growth unexpectedly slowed, cooling bets on a December rate hike by the Federal Reserve that could drain capital away from emerging markets.
Stocks ticked up slightly, buoyed by banking group FirstRand . At 1500 GMT, the rand traded at 13.8300 per dollar, 0.45 percent firmer from its New York close.
"On balance, the employment report for September suggests that the US labour market continues to expand at a reasonably pace, but it is not reflecting outright vibrancy," Stanlib's chief economist Kevin Lings said.
"From the Federal Reserve Bank's perspective the latest employment data will, once again, make the next FOMC (Federal Open Market Committee) decision uncertain."
On the stock market, the benchmark Top-40 index was 0.1 percent firmer at 45,112 points and the All-Share index also up 0.1 percent to 51,662.
FirstRand was the strongest blue-chip, gaining 1.9 percent to 47.13 rand, while Standard Bank was up 0.9 percent to 146.46 rand - its highest closing price in six weeks.
"Some of those banking stocks still represent good value and have good yields," said Afrifocus Securities trader Ferdi Heyneke. Gold mining stocks continued losses for a fifth day, with Sibanye Gold ending the week 20.5 percent weaker after the worst week for the precious metal this year.
Sibanye, a bullion producer with an interest in platinum too, shed 2.5 percent to an 8-month low of 39 rand.
"Direct mining stocks have taken a beating, but diversified miners like Anglo American and BHP Billiton have held up better," said Heyneke.
Trade was below par with around 240 million shares changing hands, compared with last year's daily average of 296 million, according to preliminary bourse data. In fixed income, the yield for the benchmark government bond due in 2026 was down 1 basis point to 8.685 percent.
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