South African rand steady stocks set to open flat

12/22/2017

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Reuters

JOHANNESBURG, Dec 22 (Reuters) - South Africa's rand steadied in thin pre-holiday trade on Friday, holding on to gains spurred by the election of Cyril Ramaphosa as the new leader of the governing African National Congress party.

• At 0645 GMT, the rand traded at 12.7500 per dollar, compared with its New York close of 12.7550 on Thursday.

• Ramaphosa, who is South Africa's deputy president, on Monday won the race to be leader of the ANC following a campaign pinned on tackling corruption and pushing business friendly policies.

• In fixed income, the yield for the benchmark government bond due in 2026 was up by 2 basis points at 8.715 percent.

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