South African rand little changed as PMI dips on port gridlock

JOHANNESBURG (Reuters) -The South African rand was broadly unchanged on Thursday, as a purchasing managers’ index (PMI) survey flagged the impact of a gridlock at a major port.

At 1525 GMT, the rand traded at 18.69 against the dollar, 0.1% stronger than its previous close.

The dollar was 0.1% weaker against a basket of global currencies.

The S&P Global South Africa PMI fell to 49.0 in December from 50.0 in November, indicating a slight worsening in private-sector business conditions.

Supply chains, inventories, output and demand were all hit by the port crisis in Durban, with delivery times lengthening at the sharpest rate in close to two years, the survey showed.

The Johannesburg Stock Exchange’s Top-40 index closed up over 0.1%. The benchmark 2030 government bond was slightly stronger, the yield down 1.5 basis points to 9.900%.

(Reporting by Anait Miridzhanian and Alexander WinningEditing by Mark Potter)