Rand set for biggest weekly gain in three

Gold was up 0.29% to $1,472.68/oz while platinum was down 0.18% to $906.84 Brent crude lost 0.87% to $61.74 a barrel.

Eskom implemented stage 2 load-shedding on Thursday night. The power utility said the outage was due to three generating units being lost earlier in the day.

“With urgent power cuts overnight and the market still waiting for an announcement about the Eskom CEO, bonds are expected to trade on the back foot this morning. Globally, yields are also tracking higher, and will add to the case for weaker [SA government bonds] today,” said Rand Merchant Bank analyst Deon Kohlmeyer.

The R2030 government bond was weaker, with the yield rising eight basis points to 9.165%. Bond yields move inversely to bond prices.

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Source: businesslive.co.za