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South African stocks start 2017 positively, rand in the red

South African stocks start 2017 positively, rand in the red

Photo by Bloomberg

3rd January 2017

By: Reuters

  

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South African stocks kicked off 2017 in positive territory as a platinum rally spurred producers of the precious metal, while dollar strength knocked the volatile rand into the red.

The benchmark Top-40 index gained 0.8% on Tuesday, the first day of trade after the long New Year weekend, to reach 44 261.26. The benchmark All-share index ended the day 0.7% higher at 51 020.66.

Platinum producers Lonmin and Northam were the biggest gainers, shooting up 16% and 7.7% respectively. The world's top producer Anglo American Platinum rose 4.7%.

Spot platinum was up almost 4.6% at $941.30/oz, mirroring surges in other commodities such as oil after the release of upbeat Chinese data.

But the strong dollar had the rand on the backfoot, with the currency 0.60% softer at 13.8025 to the greenback.

Government bonds were weaker, and the yield for the benchmark instrument due in 2026 was 0.45 basis points higher at 8.97%.

Edited by Creamer Media Reporter

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