South Africa's rand gains on Zuma exit rumours; stocks flat

13 January, 2018, 03:50 | Author: Austin Daniel
  • South Africa's rand slips as investors book profits

Meanwhile, President Jacob Zuma will lead a South African delegation to the thirtieth edition of the African Union (AU) Summit, in Addis Ababa, in Ethiopia from January 22 to 29.

The political turmoil over the numerous corruption allegations has hurt South Africa's economy, which briefly dipped into recession past year.

The rand, for its part, eventually climbed back into positive territory and was up 0,3 percent to 12,3489 per dollar as of 8:47 am in NY.

The currency reached R12.2775, gaining around 1%, earlier in the session.

"The market has increasingly priced in the fact that Zuma will step down before the 2019 election", said Christopher Shiells, managing analyst for emerging markets at Informa Global Markets.

This will be the first time the President will leave the country since being given a fresh five-year mandate after his swearing in last November.

China to build its Second Foreign Naval Base in Gwadar, Pakistan
Gwadar is strategically located in the Arabian Sea and some 70 km away from Iran's Chabahar port being developed by India. He reaffirmed Islamabad's sacrifices and contributions in the war against terrorism.

The president made the statement after Opposition called for Zuma's impeachment.

There was widespread local media speculation this week that Zuma's opponents in the ANC's newly elected 80-member national executive committee would raise a motion of no-confidence at its first meeting under new party leader Cyril Ramaphosa.

"We believe that the rand's rally is looking overstretched given that South Africa's idiosyncratic risks did not end with Ramaphosa's victory".

On the bourse, the benchmark JSE Top40 index rose 0.1% to 53184.36 points and the all share index gained 0.13% to 60113.65 points.

Gold Fields lost 3.08% to R52 and AngloGold Ashanti was 2.34% lower at R128.83.

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