Moody’s Investors Service’s failure to pronounce on the country’s credit rating propelled the rand to its biggest gain against the dollar since early January, shaking off volatility in the wake of Turkey’s local elections. The rand, which usually suffers disproportionately in times of generalised emerging-market turmoil, on Monday posted the biggest gain against the US currency among emerging market currencies tracked by Bloomberg. SA’s bonds also gained with yields, which move in opposite direction to the price, on securities that mature in 2026 dropping to the lowest level in ten months. The JSE all share index — fresh from its best first-quarter performance in 12 years — gained 1.15% The Moody’s decision to delay SA’s credit-rating review, due on Friday, almost guarantees that the country will retain its investment-grade rating going into May’s election. Most economists expected the ratings company to change the outlook from stable to negative and then downgrade the country by th...

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