South Africa s' rand retreatsas weak data hits buying,stocks stable
South Africa s' rand retreated on Thursday, putting a hold on a rallythat took it near a 10-Month High as weak local data dampened buying,while stocks were mostly unchanged.
at 1557 GMT, the Rand Zar =D3 traded at 15.0100 versus the dollar, 0.33 % weaker than its previous close. the Rand touched its best level from Mid February this week as global risk appetite lifted demand for the currency.
But the data showing Manufactoring output fell 3,4% year-on-year in October While Mining Output dropped 6,3% tempered investors enthusiasm. Retails sales data published on Wednesday also showed a decline, down 1,8 % year-on-year. Government Bonds yield Zar 2030= were flat at 6,930%.
Stocks were stable with the 3,1 % drop in the banking Sector ,JBANK weighing on gains. the Johannesburg benchmark all-share index ,JALSH dipped 0,02% to end at 59,283 points. Group MTNJ.J fell 3,5 % after Nigeria directed all Telecomunications firms to stop selling sim-cards while it audits rule compliance. Stocks JGLDX firmed 3,41% as the Rand weakened , with Harmony Gold HARJ.J closing up to 2,26 % at 64,65 Rand. South Africa gold miners benefit from weaker currency, as their revenues are often in dollars, while costs are in Rands.
So looking at where the JSE-ALL Share index stands we expect the Market to decline in the next upcoming months.
Analysis with Entries...
SA 40 (South African Top 40
Sell Now
Take Profit 1 @ 53 865.3
Take Profit 2 @ 53 418.6
Take Profit 3 @ 52 995
Take Profit 4 @ 52 533
South Africa s' rand retreated on Thursday, putting a hold on a rallythat took it near a 10-Month High as weak local data dampened buying,while stocks were mostly unchanged.
at 1557 GMT, the Rand Zar =D3 traded at 15.0100 versus the dollar, 0.33 % weaker than its previous close. the Rand touched its best level from Mid February this week as global risk appetite lifted demand for the currency.
But the data showing Manufactoring output fell 3,4% year-on-year in October While Mining Output dropped 6,3% tempered investors enthusiasm. Retails sales data published on Wednesday also showed a decline, down 1,8 % year-on-year. Government Bonds yield Zar 2030= were flat at 6,930%.
Stocks were stable with the 3,1 % drop in the banking Sector ,JBANK weighing on gains. the Johannesburg benchmark all-share index ,JALSH dipped 0,02% to end at 59,283 points. Group MTNJ.J fell 3,5 % after Nigeria directed all Telecomunications firms to stop selling sim-cards while it audits rule compliance. Stocks JGLDX firmed 3,41% as the Rand weakened , with Harmony Gold HARJ.J closing up to 2,26 % at 64,65 Rand. South Africa gold miners benefit from weaker currency, as their revenues are often in dollars, while costs are in Rands.
So looking at where the JSE-ALL Share index stands we expect the Market to decline in the next upcoming months.
Analysis with Entries...
SA 40 (South African Top 40
Sell Now
Take Profit 1 @ 53 865.3
Take Profit 2 @ 53 418.6
Take Profit 3 @ 52 995
Take Profit 4 @ 52 533