Full Site
Menu
Logo new

#RandReport: Rand firms ahead of expected Fed rate meeting, stocks flat

100

JOHANNESBURG - The rand firmed on Tuesday as investors await the US Fed's rate decision, while stocks put in marginal gains lead by steelmaker ArcelorMittal South Africa which has been lifted by a move to place tariffs on some steel products.

By 1600 GMT, the rand traded at 13.2825 per dollar, 0.8% firmer from its New York close on Monday, which was a public holiday in South Africa.

The US Federal Reserve is due to release its policy statement on Wednesday 1800 GMT, with the central bank widely expected to leave interest rates unchanged.

In fixed income, the yield for the benchmark government bond due in 2026 fell 3.5 basis points to 8.670%.

On the stock market, the benchmark Top-40 index ended up 0.14% at 47,138.85, while the broader All-share index closed 0.18% higher at 53,915.64.

ArcelorMittal South Africa, the largest steelmaker listed on the continent, topped the gainers' list rising 7.60% to R8.07.

South Africa proposed to put emergency "safeguard" tariffs on imports of certain flat hot-rolled steel products from July, it said in a filing published by the World Trade Organisation last Thursday.

Popular Topics

Related Articles