The rand continued to make inroads against the major currencies in early trade today ahead of a speech by US Fed Chair, Janet Yellen in Europe later in the day.
By 10 am the local unit had strengthened 0.6% against the Dollar and 0.8% against the Euro and 0.7% against the British pound, trading at:
R12.83 against the US Dollar
R14.35 against the Euro
R16.28 against the British pound
The local bourse inched higher in early trade with the all share index and the top 40 index up 0.2%, buoyed by Gold stocks which were up 2%. Some of the big movers saw Esor share price gain 23% in early trade, while ARB Holdings stock had tanked by 23% in early trade.
The FTSE opened weker down 0.2%
Major U.S. benchmarks saw mixed results overnight.
The NASDAQ was down 0.2%. as technology stocks stumbled.
The Dow Jones was flat, up by less than 0.1%.
Asian stocks were trading stronger in early trade.
The Nikkei was up 0.3%
Hang Seng inched up 0.1% ahead of a visit to Hong Kong by President Xi Jing Ping later in the week.
Market factors to watch out for today:
Statistics South Africa is expected to release Quarter one employment numbers today at 12pm
On the companies front, we expect Omnia to release their annual results for the year ended March, While Blue Label Telecomms announced a significant acquisition today.
BUSINESS REPORT ONLINE