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Manufacturing buoys stocks, metals, pushes rand
Bloomberg reports that the rand advanced to its strongest level against the dollar in almost a month as signs of improving manufacturing output around the world boosted commodities and equities. South Africa's currency, the worst performer last year among 12 major currencies on Bloomberg, appreciated as much as 0.5 percent and traded 0.4 percent higher at 8.0412 as of 1.40pm in Johannesburg, its strongest level since 7 December 2011.
The Standard & Poor's GSCI index of raw materials advanced to a one-month high as the prices of metals including copper, platinum and gold rose. South Africa's benchmark stock index advanced the most in more than a month, led by raw materials producers including Anglo American Plc and BHP Billiton Ltd.
"The rind's strength has largely got to do with slightly more buoyant equity markets," David Gracey, who heads currency and derivatives trading at Investec Bank Ltd., told Bloomberg. Amid signs of recovering global growth, "the potential for a rand recovery should not be underestimated and the local unit has started the year in this more bullish tone," George Glynos, an economist at Johannesburg-based ETM Analytics, said.
Read the full article on www.businessweek.com.
