Weaker rand helps JSE stocks

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IOL image JSE interior view INDEPENDENT MEDIA The JSE is seen in this file photo: Leon Nicholas.

Johannesburg - South African gold producers and other exporters tick higher, putting the benchmark Top-40 index back within shooting distance of a record high, lifted by the weaker rand currency.

The rand, which tumbled around 25 percent last year, is about 0.99 percent softer on the day, but still off last week's five-year lows.

A weak rand is a boon for exporters such as gold producers, as it increases earnings when overseas revenue is brought home.

AngloGold Ashanti, South Africa's largest gold company by market cap, jumps 4.8 percent to 129.34 rand.

Steinhoff, a furniture manufacturer and retailer with extensive operations in Europe, gains 2.3 percent to 47.17 rand. - Reuters

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