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South Africa's rand starts week on back foot on political uncertainty
April 3, 2017 / 6:50 AM / 6 months ago

South Africa's rand starts week on back foot on political uncertainty

JOHANNESBURG, April 3 (Reuters) - South Africa’s rand and government bonds started the week on the back foot as political uncertainty weighed on sentiment after last week’s cabinet reshuffle that saw changes at the Treasury.

* At 0640 GMT, the rand traded at 13.4500 per dollar, 0.2 percent weaker from its New York close on Friday.

* New finance minister Malusi Gigaba signalled on Saturday he would oversee a redistribution of wealth to the country’s black majority, as a row over the sacking of his predecessor laid bare bitter divisions within the ruling ANC party.

* Focus in the week also on Moody’s credit ratings review due on Friday.

* Stocks were set to open higher at 0700 GMT, with the JSE securities exchange’s Top-40 futures index up 0.24 percent.

* In fixed income, the yield for the benchmark government bond due in 2026 rose 9 basis points to 8.94 percent. (Reporting by Olivia Kumwenda-Mtambo; Editing by Tom Heneghan)

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