STANBANK: 19,313 -57 (-0.29%)
South Africa rand, stocks gain as trade optimism boost risk appetite
* Rand gains on U.S.-China trade talks
* Stocks rise in line with global markets
JOHANNESBURG, April 3 (Reuters) - South Africa's rand
strengthened on Wednesday as hopes of a trade deal between the
United States and China bolstered risk appetite globally, while
stocks also strengthened in line with global market optimism.
At 1541 GMT the rand was 0.42 percent firmer at
14.1500 per dollar compared with a close of 14.2100 in New York
Demand for emerging-market currencies grew after the
Financial Times reported China and the U.S. had resolved most of
the issues standing in the way of a trade deal.
White House economic adviser Larry Kudlow said also on
Tuesday China and the United States expect to "make more
headway" in trade talks this week.
The rand was hovering close to a one-month high of 14.0750
reached on Tuesday after Moody's struck a surprisingly positive
note in a credit opinion, following the agency's decision on
Friday to delay a review that might have removed South Africa's
last investment-grade rating.
On the bourse, the markets gained with the Johannesburg
All-Share index rising 1.34 percent to 57,926 points
while the Johannesburg Top-40 index was up by 1.35
percent to 51,641 points.
"It's all up, it's up by 800 points. If there's a deal,
people that will benefit are the emerging markets," said Greg
Davies, equities trader at Cratos Capital.
Among the gainers were financial shares, with ABSA
up 4.22 percent to 164,60 rand and Standard Bank
closing up 2.09 percent to 194.61 rand.
In fixed income, the yield on the benchmark government bond
due in 2026 added a single basis point to close at
(Reporting by Naledi Mashishi and Onke Ngcuka, Editing by
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