Make Kitco Your Homepage

UPDATE 1-South Africa's rand recovers against ailing dollar, stocks gain

Kitco News

* Rand up 1.5 percent against dollar

* Top-40 index edges up 0.4 percent

* Iron Ore leads shares higher


(Updates with closing prices)

JOHANNESBURG, May 19 (Reuters) - South Africa's rand strengthened on Friday against the ailing dollar, which limped toward its worst week against major currencies since last July on the turbulence surrounding Donald Trump's U.S. presidency.

Stocks posted modest gains, lead by Kumba Iron Ore , which saw its shares jump 6.7 percent as Shanghai rebar steel futures climbed 4 percent to a six-week peak, supported by worries over tighter supply. Johannesburg's benchmark Top-40 index rose 0.4 percent to 47,692.60 while the broader All-share index added 0.42 percent to 54,427.30.

At 1530 GMT, the rand traded at 13.225 per dollar, 1.5 percent up on its New York close on Thursday.

The rand's gains after most emerging markets currencies fell on Thursday as uncertainty mounted over U.S. President Donald Trump's future following reports that he tried to interfere with a federal investigation. In fixed income, the yield for the benchmark government bond due in 2026 added half a basis point to 8.68 percent.


(Reporting by Olivia Kumwenda-Mtambo; Editing by Richard Lough)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News