South African rand flat as markets shrug off president's speech

South Africa's rand was little changed on Friday after President Cyril Ramaphosa's declaration of a 'state of disaster' to tackle crippling power shortages in the country failed to elicit investor confidence.

JOHANNESBURG, Feb 10 - South Africa's rand was little changed on Friday after President Cyril Ramaphosa's declaration of a "state of disaster" to tackle crippling power shortages in the country failed to elicit investor confidence.

Analysts said the president's response to the crisis did not impress them, with no clear end in sight to the hours of daily power cuts that have hurt businesses across all sectors and hammered economic growth.The government's benchmark 2030 bond was weaker in early deals, with the yield up 5.5 basis points at 9.815%.

"Too little, too late is a saying that best encapsulates the market reaction," said ETM Analytics in a research note.

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ReutersAfrica /  🏆 31. in ZA

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