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South African rand edges up as manufacturing sentiment improves

By Reuters News

JOHANNESBURG, Nov 2 (Reuters) - The South African rand edged up on Monday as domestic manufacturing sentiment improved for a second month in October, while vehicle sales data pointed to resilient consumer demand.

  • At 1248 GMT, the rand traded at 16.64 against the dollar , about 0.4% above its previous close

  • South African manufacturing sentiment improved for a second month in October, but issues such as weak domestic demand and logistics bottlenecks meant the improvement was only marginal

  • "A sustained recovery in demand and production, supported by easing cost pressures, will be important in determining whether the sector can move decisively back into expansion territory," South African bank Absa said about the purchasing managers' index (PMI) it sponsors

  • Data from South Africa's auto association NAAMSA showed new vehicle sales rose 10.4% year-on-year in October despite persistent cost-of-living pressures affecting consumers

  • On the Johannesburg Stock Exchange, the Top-40 index .JTOPI was up about 1%

  • South Africa's benchmark 2035 government bond was firmer, with its yield down 2.5 basis points at 8.565%


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