JOHANNESBURG (Reuters) – Shares fell in early trade on Thursday, with investors turning cautious ahead of newly re-elected President Cyril Ramaphosa's cabinet appointments under a unity government.
At 0726 GMT, the rand was trading at 17.9850 against the dollar, down 0.15 percent from its previous close.
The local currency rose to its highest level in about 11 months at 17.9200 on Wednesday after five political parties joined the African National Congress last week in forming a national unity government after it lost its absolute majority in the general elections.
“Markets will now be watching President Ramaphosa's ministerial appointments with interest,” said Andre Cilliers, currency strategist at Tracy One.
There are no major economic data scheduled for release in South Africa until next Thursday when Statistics South Africa will release monthly inflation figures for producers.
In the stock market, the Top-40 index rose 0.2% in early trading.
South Africa's benchmark government bonds for 2030 were weaker, with yields rising 4 basis points to 9.785%.