SCEpK

Southern California Edison Company 5.45% Fixed-to-Floating Rate Trust Preference Securities

23.0689
USD
-1.29%
23.0689
USD
-1.29%
21.7000 26.3200
52 weeks
52 weeks

Mkt Cap 276.83M

Shares Out 12.00M

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South Africa's rand on firmer footing as dollar weakens

Updates to reflect afternoon trade JOHANNESBURG, May 30 (Reuters) - South Africa's rand strengthened on Monday as the U.S. dollar weakened, ahead of a slew of local economic data in the coming days that could give clues on the health of the economy. At 1536 GMT, the rand ZAR=D3 traded at 15.4850 against the dollar, 0.74% firmer than its previous close. "The rand gains as markets settle on the Fed's minutes indicating a steady rate hike cycle and little chance of recession," Investec economist Annabel Bishop said in a research note, referring to the U.S. Federal Reserve. Bishop also highlighted growing optimism for a Chinese economic recovery in the third quarter of the year due to the slowing down of the COVID-19 outbreak. The dollar =USD resumed its slide on Monday as risk appetite across markets tentatively strengthened, supported by encouraging economic data and bets that the Fed will tighten policy at a slower pace. Local focus in the week will be on a number of economic indicators, including April credit and money supply data ZACRED=ECI, unemployment numbers for the first quarter of 2022 ZAUNR=ECI and April trade balance numbers ZATBAL=ECI - all due on Tuesday. In the equities market, stocks rose alongside global equity markets, boosted by hopes that China's Beijing and Shanghai hubs are reopening from virus restrictions and a package of stimulus measures released by the Shanghai local government. China is South Africa's largest trading partner. The Johannesburg All-Share index .JALSH climbed 2.09% to 71,958 points while the Top-40 index .JTOPI closed 2.27% higher at 65,335 points. Among the gainers was shipping company Grindrod GNDJ.J, up 7.24% to 8.30 rand, after it announced late last week that it had sold Grindrod Bank to African Bank. The government's benchmark 2030 bond ZAR2030= was stronger, with the yield down 5.5 basis points to 9.665%. (Reporting by Olivia Kumwenda-Mtambo, Anait Miridzhanian and Nqobile Dludla; Editing by Toby Chopra and David Holmes) ((Olivia.Kumwenda@thomsonreuters.com; +27 10 346 1084;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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