October 13, 2017 / 7:00 AM / 9 days ago

South Africa's rand firms, stocks set to open lower

JOHANNESBURG, Oct 13 (Reuters) - South Africa’s rand extended gains against the dollar early on Friday as it recovers from a six-week low hit at the start of the week, helped by renewed investor appetite for riskier but high-yielding assets.

* At 0638 GMT, the rand traded at 13.4200 per dollar, 0.43 percent firmer than its overnight close.

* The currency had hit a two-week high of 13.4050/dollar in the previous session, its strongest level since Sept. 27.

* “The trade down to very close to 13.4000 last night effectively completed the technical recovery formation,” Nedbank analysts wrote in a note.

* Friday’s market focus was likely to be on U.S data, with the next major local event on the horizon being the medium-term budget policy statement later this month, they added.

* Finance Minister Malusi Gigaba will make his first budget speech to parliament on Oct. 25.

* Stocks were set to open slightly lower at 0700 GMT, with the JSE securities exchange’s Top-40 futures index down 0.13 percent.

* In fixed income, the yield for the benchmark government bond was down 1.5 basis points to 8.66 percent. (Reporting by Olivia Kumwenda-Mtambo; editing by John Stonestreet)

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