JOHANNESBURG (Reuters) -The South African rand gained on Wednesday after China’s manufacturing activity expanded at its fastest pace since April 2012, fuelling risk-on appetite globally.
At 1540 GMT, the rand traded at 18.1575 against the dollar, about 1% stronger than its previous close.
China is South Africa’s largest trading partner, so positive news about the health of its economy tends to lift South African asset prices.
The safe-haven U.S. dollar edged lower on the revival of activity in China.
On the stock market, the Top-40 closed 1.27% higher and the broader all-share index was up 1.15%.
South African drugmaker Aspen Pharmacare saw shares rise more than 13% in the day after it said it was close to signing new deals to revive its idled COVID-19 vaccine production lines.
The government’s benchmark 2030 bond was slightly stronger, with the yield down 2 basis points to 10.090%.
(Reporting by Alexander Winning and Nellie Peyton; Editing by Subhranshu Sahu and Editing by James Macharia Chege)
