Rand flat as results trickle in

Traders refrain from making any large moves while results trickle in from local government elections.

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Johannesburg - South Africa's rand was little-changed in early trade on Thursday as traders refrained from making any large moves while results trickled in from local government elections.

By 0656 GMT, the rand had softened 0.2 percent to 13.9365 per dollar, from an overnight close of 13.9100.

With a third of the ballots counted, the African National Congress (ANC) took the lead with 50 percent of the votes, but the opposition had established an early lead in two key cities, including the capital, Pretoria.

The local bourse should open higher at 0700 GMT, with the blue chip futures index up 0.44 percent.

Government bonds were weaker, with the yield on 2026 benchmark down 4.5 basis points to 8.610 percent.

REUTERS