File picture: Philimon Bulawayo
Johannesburg - The rand held its gains of the previous week against the dollar on Monday as the latest bout of US political turmoil kept the greenback on the back foot.

At 5pm, the rand was bid at R13.2250 to the dollar, 2.24c firmer than at the same time on Friday. It had reached a session high of R13.1425.

The rand ended last week on a firmer footing as political drama in Washington threatened to derail US President Donald Trump’s promises of tax reform and fiscal stimulus.

Looking ahead in the week, focus was on SA Reserve Bank’s interest rates decision, a Moody’s country visit and the release of minutes of the US central bank’s policy committee meeting.

Meanwhile, stocks were flat yesterday, dragged lower by Pioneer Foods, which posted a drop in half year profits.

The benchmark JSE Top40 index ticked up 0.09 percent to 48005.19 points, while the all share index lifted 0.16 percent to 54517.06 points.

Pioneer Foods dropped 4.38 percent to R153 after it reported a 47 percent drop in half year earnings on the back of higher maize prices impacting its essential foods and grocery divisions.

Sibanye Gold jumped 7.39 percent to end the session at R28.50.