South African assets rise on progress of Russian-Ukrainian talks

South African rand coins are seen in this illustration photo taken October 28, 2020. REUTERS/Mike Hutchings/Illustration

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JOHANNESBURG, March 29 (Reuters) – The South African rand, stocks and bonds firmed on Tuesday on positive noises from Turkey, where Russia and Ukraine have made progress in peace talks.

During talks between negotiators in Istanbul, Russia promised to reduce military operations around kyiv and northern Ukraine as a confidence-building step.

Ukraine, for its part, has offered to adopt neutral status in the most detailed formula yet for a possible five-week settlement of the conflict. Read more

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South African assets strengthened alongside global equities and emerging market currencies, with the rand trading at 14.5535 to the dollar, up 1.15% at 1545 GMT.

The Johannesburg All-share Index (.JALSH) rose 0.78% to 74,776 points, while the Top-40 Index (.JTOPI) climbed 0.7% to 67,911 points.

Government bonds also rose, with the instrument’s yield maturing in 2030 down 1.5 basis points to 9.505%.

“The next two days could be pivotal, but the signs are promising and we’re seeing them reflected in the markets today,” said Craig Erlam, senior market analyst at OANDA.

“There has been no lack of optimism in the markets since the start of the talks, which at times seemed premature but can now pay off.”

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Reporting by Nqobile Dludla; Editing by Shailesh Kuber

Our standards: The Thomson Reuters Trust Principles.

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