JOHANNESBURG: South Africa's rand firmed on Friday, recovering from a four-week low touched in the previous session, as the dollar slipped after US economic growth data. Stocks ended flat.
At 1520 GMT the rand traded 14.3000 to the dollar, 0.97 percent firmer than its New York close on Thursday. The currency had slipped to 14.5550 on Thursday, its weakest price since March 29.
"US GDP data would have driven a lot of people back into emerging market currencies, of which the rand would have benefited because there has been a sell-off over the last two or three days," said Sanlam Private Wealth portfolio manager Gary McNamara.
The dollar fell to a session low against a basket of currencies on Friday, after data showed US GDP accelerated in the first quarter. But the burst in growth was driven by trade and the largest accumulation of unsold goods since 2015 - temporary factors that are likely to reverse in the coming quarters.
In fixed income, the yield on the benchmark 10-year issue fell 1.5 basis points to 8.575 percent.
On the bourse, the benchmark JSE Top 40 Index closed 0.19 percent higher at 52,572 while the broader All-Share Index finished 0.15 percent higher at 58,894.
The markets had closed two hours earlier due to a software upgrade, the exchange operator JSE Limited said.
Mining firm Goldfields was among the top performers in the blue-chip index, rising by 0.97 percent to 55.44 rand after the Bank of Montreal raised their rating to outperform from underperform.
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