Share

Rand stable, could weaken on retail sales

Johannesburg - The rand was largely flat against the dollar on Wednesday with scope to lose some ground on the back of what is likely to be weak retail sales data later in the day.

Economists polled by Reuters expected retail sales growth to remain depressed at 1.1% year-on-year in August, another sign of an economy in dire straits, which could deter the SA Reserve Bank from hiking interest rates further next month.

Statistics South Africa was due to release the data at 13:00.

At 08:57, the rand was at R11.0600/$, little changed from Tuesday's close at R11.0500.

The yield on the benchmark government bond due in 2026 was similarly steady at 8.055%.

Local markets would this week continue to be driven by global trends, where investors are increasingly worried about weak economic growth prospects, keeping risk appetite in check, analysts said.

"Event risk is moderately high, focused on the eurozone. News from Europe remains poor," RMB currency analysts John Cairns said.

On the domestic front, markets are looking to Finance Minister Nhlanhla Nene's maiden budget statement to parliament next week for new forecasts on Africa's most advanced, but ailing economy.


We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.05
-0.8%
Rand - Pound
24.04
-0.6%
Rand - Euro
20.55
-0.4%
Rand - Aus dollar
12.37
-0.2%
Rand - Yen
0.13
-0.7%
Platinum
901.20
+0.5%
Palladium
997.97
-0.4%
Gold
2,206.11
+0.5%
Silver
24.64
-0.0%
Brent Crude
86.09
-0.2%
Top 40
68,067
+0.6%
All Share
74,267
+0.5%
Resource 10
56,746
+2.0%
Industrial 25
103,647
+0.4%
Financial 15
16,482
-0.3%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders