• Caught in the debt trap?

    Help us help you by taking our second annual Debt survey and you could win R3 000.

  • Rich man, poor man

    Culture change from below is the only way to overcome poverty, says Leopold Scholtz.

  • Tech bubble talk

    After the tech euphoria of 2013, the fast-moving sector has hit a speed bump.

Data provided by McGregor BFA
All data is delayed
See More

Rand steady as Mangaung calms fears

Dec 20 2012 09:24 Reuters

Related Articles

Rand weaker after gaining on Ramaphosa

Smooth ANC vote keeps rand stronger

Rand rallies on Zuma re-election

Rand jumps to 10-week high

Rand slightly up, bonds mixed

Mangaung keeps rand off day’s lows


Johannesburg - The rand was largely steady against the dollar on Thursday, with sentiment largely positive after a leadership conference of the ruling ANC allayed investor fears of any radical policy shifts. 

The currency was at R8.5060 to the greenback by 08:05 GMT, little changed from Wednesday's close at R8.4850. 

"We're not expecting anything major today, we're firmly entrenched in holiday markets, and more broadly the scene is more positive for risk," said Absa Capital trader Duncan Howes. 

"The major risk event for the local currency, being the Mangaung conference, is pretty much out of the way and I don't think there's going to be too much movement." 

Investors had been nervous that the ANC's conference in Mangaung this week could herald a shift towards more populist policies like state intervention and takeover of mines in the world's largest platinum producer. 

But fears of outright nationalisation have abated, and investors took comfort in the election by the ANC of respected businessman Cyril Ramaphosa as its deputy president. He will  serve with President Jacob Zuma, who was re-elected ANC chief. 

For the rest of the week, the rand should meet resistance around the R8.30 area while finding support at R8.55/60, traders said. 

Government bonds were also largely stable in early trade, with the yields for the 14-year benchmark and the three-year paper each edging up half a basis point to 7.26% and 5.35% respectively.


Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

rand  |  mangaung 2012  |  markets


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.

Ramphele: ANC can be defeated

The African National Congress can be defeated, Agang SA leader Mamphela Ramphele has told supporters in Temba near Hammanskraal.


Latest elections multimedia

Watch what happened when we blindfolded Helen Zille and asked her to eat random things
13 days to elections - news you need to know
11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...