Zimpapers Logo

Johannesburg — The rand fell on Friday, giving up early gains, after buoyant US jobs data gave the dollar an upward jolt. Stocks fell, with MTN Group among the decliners after Africa’s top mobile phone operator reported its first-ever interim loss. The blue-chip JSE Top-40 index ended 0.32 percent lower at 45 285 while the broader All-share index was down 0.37 percent at 52 348. Around 227 million shares changed hands, below last year’s daily average of 280 million.

MTN was one of the biggest losers among the blue chips. The company reported a loss of $355m, or 271 cents per share, in the six months after it was handed a hefty regulatory fine in Nigeria. The stock shed 2.8 percent to close at 129.82 rand.

The rand reversed earlier gains against the dollar as the U.S. currency surged after the United States reported employment data far stronger than expected. At 15:40 GMT, the rand was was around 0.8 percent weaker, fetching 13.8325 against the dollar.

Smooth local elections had helped propel it to nine-month peaks in the previous session. The yield on 2026 benchmark bond was up 3 basis points to 8.59 percent. — Fin24