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Rand reverses some strike-linked losses

Johannesburg - The rand firmed slightly on Friday, reversing recent losses after hitting a week low in the previous session on news that the National Union of Metalworkers of South Africa (Numsa) plans to go on strike on July 1.

The rand opened 0.13% stronger from its New York close at R10.6215 by 08:18.

The local unit weakened around 0.8% on Thursday after the Numsa, the country's largest union with over 200 000 members, said it would down tools next week.

The strike would hit sectors including engineering, automotive components and the struggling state-power utility firm Eskom and risks souring investor sentiment soon after a five-month work-stoppage in the platinum sector that dragged Africa's most developed economy into contraction.

"While some expect this walkout to last only 2 weeks, employees are willing to go much longer given precedence set by platinum strike," NKC Research said in an economic report.

Government bond yields were flat, with the yield for the bond maturing next year slipping unmoved at 6.685% while the 2026 issue remained at 8.315%.


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Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
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