S.Africa's rand hits 1-week high, stocks edge higher

Fri Nov 6, 2009 4:01pm GMT
 

* Rand boosted by record-high gold

* Stocks edge higher led by miners, banks weak

* Govt bonds gain on fresh wave of buying

JOHANNESBURG, Nov 6 (Reuters) - South Africa's rand advanced to a one-week high against a wobbly dollar on Friday and as gold traded near record highs, which also boosted local stocks.

The Johannesburg Top-40 index .JTOPI gained 0.17 percent to 23,336.95 points, while the broader All Share index .JALSH added 0.14 percent to 25,933.45 points.

"The gold was the lead today trading at a record high and we saw the gold shares rally very sharply in the last half-an hour," Michael Carlsson, a trader at Consilium Capital said.

The rand ZAR=D3 was trading at 7.5450 against the dollar at 1530 GMT, 0.6 percent firmer than Thursday's New York close of 7.59. It briefly hit 7.5055, its firmest level since October 26 on Reuters data.

"Gold is still the driving force at the moment," said a Johannesburg-based currency trader.  Continued...

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