South Africa’s rand steadies, stocks to open higher
South Africa’s rand steadied early on Monday as investors readied for a heavy week of data, including consumer price inflation and current account numbers, as well as a conference of the ruling party to crown a new leader.
At 0645 GMT, the rand traded at 13.6500 per dollar, compared with its close on Friday at 13.6450, Reuters reports.
South Africa will release October manufacturing data on Tuesday, while November CPI data and October retail sales are dueon Wednesday.
The South African Reserve Bank will publish third-quarter current account data on Thursday.
The ruling African National Congress (ANC) will kick off its conference on Saturday to pick a successor to President Jacob Zuma as party leader.
South African Deputy President Cyril Ramaphosa – considered the most market-friendly candidate – got the majority of nominations to become ANC leader, but the complexity of the leadership race means it is far from certain he will win.
Stocks were set to open higher at 0700 GMT, with the JSE securities exchange’s Top-40 futures index up 0.5 percent.
Big Read |