S.AFRICA'S FINANCIAL RAND SEEN HEADED HIGHER The financial rand, widely viewed as a direct reflection of foreign investor confidence in South Africa, appears headed above 30 U.S. Cents, dealers and bank economists said. The currency has risen about 25 pct in the past three months to its current rate of 29.50 cents, due partly to signs of a possible power shift with the appearance of a number of independent candidates in the whites-only election on May 6, they added. It has risen about two cents this week alone. "Another factor is that banks in London, where the main market is based, are going long in the currency because of a general feeling that it will rise in the future," one economist said. Dealers described 30 cents as a psychological barrier that was expected to be broken soon after a brief consolidation phase from recent gains. After reaching 30 cents, "There is a chance of appreciation to 32 cents in the next several weeks," one dealer said. There was a widespread feeling that both the commercial rand, holding stable at 48 cents, and the financial rand were staying firm, banking sources said. A Barclays National Bank executive who asked not to be identified said: "The rise of the independents appears to be indicative of a potential shift of power in the National Party and has created a favourable sentiment overseas." One dealer said growing business and investor interest from West Germany and Switzerland were behind the financial rand's rise. Economists said foreigners also were being attracted by South Africa's long-term government bonds and "semi-gilts" or securities in partly government-owned firms, many with yields as high as 30 pct. They could be purchased with financial rands with interest paid in commercial rands. "This has had a definite influence on the financial form of the rand," a dealer said, adding that at present demand is slightly in excess of supply. The financial rand was reintroduced in September 1985 to help end capital flight from South Africa during a period of severe political unrest in the country.