Johannesburg — South Africa’s rand was slightly stronger in early trade on Monday but remained close to the 19.0 mark, with no major market-moving events expected this week.
At 0840 GMT, the rand traded at 18.9950 against the U.S. dollar, about 0.2% stronger than its previous close.
The dollar index was last up about 0.1% at 104.080.
South African markets shrugged off President Cyril Ramaphosa’s State of the Nation Address last week, in which he gave little detail about his plans to address major challenges such as power cuts.
Investors will turn next towards the yearly budget presentation on Feb. 21, which will lay out the government’s spending priorities, revenue collection measures and updated economic forecasts.
Statistics South Africa will release gold and mining production and retail sales figures later this week, which could give clues about the state of the economy.
On the stock market, the Top-40 (.JTOPI), opens new tab index was up 0.02% while the broader all-share (.JALSH), opens new tab was down 0.05% in early trade.
South Africa’s benchmark 2030 government bond was weaker in early deals, with the yield up 4.5 basis points to 10.000%.
*Nellie Peyton; editing: Alex Richardson – Reuters
