News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

South African rand steadies, stocks open lower

05/25/2020 | 03:33am EDT
A street money changer counts South African Rands in Harare

South Africa's rand held steady against the dollar early on Monday, a day after President Cyril Ramaphosa announced a further easing of the coronavirus lockdown from June 1, allowing the vast majority of the economy to return to production.

At 0710 GMT, the rand traded at 17.6050 per dollar, compared with its close of 17.5970 on Friday.

South Africa's economy has been largely shut down since late March, when the government enforced severe restrictions to stem the spread of the novel coronavirus which locally has so far infected 22,583 people and killed 429.

Ramaphosa said on Sunday following broad consultations the cabinet had decided to move the country to "level three" of its five-level lockdown system from June 1.

"This comes as a welcome relief to many who have been severely negatively impacted by the lockdown," said Bianca Botes, Executive Director at Peregrine Treasury Solutions.

On the stock market, the Top-40 index was down 0.19% while the broader all-share index slipped 0.15% in early trade.

Shares in South African food producer Tiger Brands fell more than 3% after the company reported a 35% fall in half-year headline earnings and deferred its interim dividend due to uncertainty around the coronavirus pandemic.

Government bonds firmed, with the yield on the 10-yer instrument due in 2030 down 6.5 basis points to 9.05%.

(Reporting by Olivia Kumwenda-Mtambo; editing by Emelia Sithole-Matarise)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EURO / SOUTH AFRICAN RAND (EUR/ZAR) -0.75% 16.7271 Delayed Quote.-7.33%
EURO / US DOLLAR (EUR/USD) -0.01% 1.07317 Delayed Quote.-5.61%
TIGER BRANDS LIMITED 0.05% 147.12 End-of-day quote.-18.72%
US DOLLAR / SOUTH AFRICAN RAND (USD/ZAR) 0.00% 15.5832 Delayed Quote.-1.82%
Latest news "Economy & Forex"
05:52pUKRAINE AND RUSSIA : What you need to know right now
05:46pUKRAINE AND RUSSIA : What you need to know right now
05:41pThe WSJ Dollar Index Falls 1.18% to 94.31 -- Data Talk
05:40pEuro Gains 1.62% to $1.0736 -- Data Talk
05:40pSterling Gains 1.11% to $1.2632 -- Data Talk
05:40pDollar Lost 0.60% to 127.11 Yen -- Data Talk
05:39pTechnology Shares Climb as Investors Embrace More Risk -- Tech Roundup
05:38pRobinhood agrees to settle customer lawsuit over 2020 outages
05:37pFinancial Shares Move Higher as EY Considers Split -- Financials Roundup
05:34pDogecoin Gained 3.27% to $0.081 at 5 p.m. ET -- Data Talk
Latest news "Economy & Forex"