South Africa’s rand inches higher on global developments

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South Africa’s rand rose early on Wednesday but remained largely within a recent range as traders continued to tread cautiously with an eye on global developments.

At 0650 GMT the rand was 0.16% firmer at 15.3100, barely moved from its overnight close after some demand from exporters had seen it stretch to a session best 15.2350.

Bonds were also marginally firmer, with the yield on the benchmark 10-year government issue sliding 0.5 basis points lower to 8.215%.

In equities, the drinks-maker Distell posted a 1.8% drop in full-year profits as currency swings in Angola and an economic crisis in Zimbabwe hurt operations.

Food services firm Bidcorp reported a 12.5% increase in full-year earnings boosted by positive performance of its operations in Europe, United Kingdom and Australasia.

Peace PIAK