Rand firms before mining data, investment conference

The rand firmed in early trade on Thursday, ahead of a local investment conference and mining data due later in the day.

At 09:15, the rand traded at R18.42 against the dollar.

The dollar was up around 0.1% against a basket of global currencies.

The rand has lost about 3% against the dollar in April, as a long-running power crisis and weak local economic data continue to weigh on investor sentiment.

South Africa hosts its fifth investment conference on Thursday in Johannesburg to showcase opportunities to local and international companies.

President Cyril Ramaphosa will give a keynote address, but with almost no economic growth expected this year and near-daily power cuts the mood is expected to be subdued.

Gold and mining production figures for February will be released at 0930 GMT.

The government’s benchmark 2030 bond was slightly stronger in early deals, with the yield down 0.5 basis points at 9.900%.