The rand — which weakened to R12.83 to the dollar on Tuesday from Monday’s R12.52, on the news the decline in SA’s first quarter GDP was 2.2% versus the expected 0.5% — was trading at R12.74 to the dollar on Wednesday morning. The rand was at R14.93 to the euro and R17.08 to the pound at 7am. Australia, in contrast to SA, reported first-quarter GDP growth of 1% which beat economists’ expectations of 0.9%. Better than expected Australian economic growth buoyed Sydney’s ASX 200 index by 0.43%, with BHP gaining 1.89% to A$33.36 and South32 rising 0.92% to A$3.84. The weaker rand helped BHP close 2.2% higher at R295.68 on the JSE on Tuesday. South32 closed 0.87% higher at R37.22. Tencent was 0.71% higher at H$423 ahead of the JSE’s opening, indicating its 31%-owner Naspers is set for a fifth trading day of gains. Aveng released details of its proposed R500m rights issue at 5.45pm on Tuesday. Aveng is offering its shareholders 12 new shares for every share held at 10c each, setting its r...
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