Rand breaks through R10.50 to hit year high

The rand hit the year’s strongest level against the dollar yesterday as positive momentum continued for riskier emerging market currencies. At 8.31am, the rand was at R10.4645 to the dollar and by 5pm it was bid at R10.4318, 8.15c stronger than the same time on Monday. “We were struggling to get through R10.50, but we have… broken it,” said Jim Bryson, a trader from Rand Merchant Bank (RMB). Most emerging market and high-risk currencies were “pushing at the stronger end of the recent range”, RMB said in a note. – Reuters page 20

PIC plans to invest in African energy

The Public Investment Corporation (PIC) plans to lead investment in energy projects in Africa by buying into potential South African shale gas projects and helping to fund what could be the world’s biggest power generation complex in the Democratic Republic of Congo. South Africa is exploring shale projects in the Karoo and the plans for the Inga hydropower complex on the Congo River are being revived. page 18