RADP / Pulse Nigeria > News > business

Rand flat as election results trickle in

folarin okunola

August 4, 2016 5:10 PM

By 0656 GMT, the rand had softened 0.2 percent to 13.9365per dollar, from an overnight close of 13.9100.

A street money changer counts South African Rands in Harare, Zimbabwe, May 5, 2016. REUTERS/Philimon Bulawayo

South Africa's rand was little-changed in early trade on Thursday as traders refrained from making any large moves while results trickled in from local government elections.

By 0656 GMT, the rand had softened 0.2 percent to 13.9365per dollar, from an overnight close of 13.9100.

With a third of the ballots counted, the African National Congress (ANC) took the lead with 50 percent of the votes, but the opposition had established an early lead in two key cities, including the capital, Pretoria.

Deputy central bank governor Daniel Mminele to speak at the Johannesburg Stock Exchange at 0700 GMT. Local bourse to open higher at 0700 GMT, with the bluechip futures index up 0.44 percent.

* Government bonds weaker, yield on 2026 benchmark down 4.5basis points to 8.610 percent.

folarin okunola

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