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Markets

South African rand extends gains after GDP rebasing; stocks decline

  • The Johannesburg Stock Exchange's All-share index closed down 0.57pc at 67,069 points and the Top-40 index lost 0.58pc to end at 60,855 points.
Published August 27, 2021

JOHANNESBURG: South Africa's rand strengthened on Thursday, extending gains after a rebasing of gross domestic product by the statistics agency showed the economy was 11pc bigger in 2020 than previously estimated.

The currency traded at 14.9025 against the dollar at 1610 GMT, more than 0.4pc stronger than its previous close.

Statistics South Africa on Wednesday estimated the size of the economy at 5.52 trillion rand ($370 billion) last year, up from 4.97 trillion rand previously.

The revision helped the rand buck weakness in other emerging market currencies on Thursday, as the dollar jumped on comments by a regional Federal Reserve president suggesting a faster pace of reducing asset purchases.

Global market attention was firmly pinned on the Fed's Jackson Hole symposium, where bank officials could provide new signals about the trajectory for U.S. monetary policy.

South African rand slightly firmer before jobs data

Johannesburg-listed stocks dropped, weighed down along with global equities by China worries and the comments by St. Louis Federal Reserve President James Bullard on tapering bond purchases.

Fed Chair Jerome Powell will deliver a closely watched speech at Jackson Hole on Friday.

The Johannesburg Stock Exchange's All-share index closed down 0.57pc at 67,069 points and the Top-40 index lost 0.58pc to end at 60,855 points.

Major sectors such as industrials and resources closed in the red, but financials gained slightly.

Government bonds were flat, with the yield on the 2030 instrument at 8.865pc.

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