File picture: Waldo Swiegers, Bloomberg
Johannesburg - The rand raced to a four-week high against the dollar on Tuesday on a media report that the ANC would discuss the removal of President Jacob Zuma at a major party meeting this weekend.

ANC’s spokesman, Zizi Kodwa, however, denied the report, saying it was “a complete fabrication and not true”.

By 15.05pm, the rand traded at R13.0575 to the dollar, 1.45 percent firmer than its overnight close.

The unit had firmed to R13.0175 earlier in the session, its firmest since April 25.

“That news of the ANC possibly speaking about the removal of Zuma definitely gave it a kick,” said TreasuryOne currency dealer, Phillip Pearce. “It’s an over-reaction in my opinion”.

Meanwhile, stocks were slightly firmer. The benchmark JSE Top40 index rose 0.06 percent to 48046.16 points and the broader all share index gained 0.09 percent at 54548.91 points.

Standard Bank was the biggest gainer among the blue chips, up 3.63 percent to R150.62, followed by Nedbank, which was up 3.27 percent to close at R221.38.

Sasol rose 1.2 percent at R412.45 after the firm said it would maintain output despite an explosion at one of its plants on Monday.