#RandReport: Rand weaker, stocks led up by Naspers

  • 📰 ewnupdates
  • ⏱ Reading Time:
  • 43 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 53%

Business News News

Business Business Latest News,Business Business Headlines

RandReport: Rand weaker, stocks led up by Naspers

JOHANNESBURG - The rand weakened against the dollar on Wednesday, weighed down by a souring growth outlook as the continent’s most advanced economy continued to show signs of slowing down.The rand has fallen nearly 3% in the last week, weighed down by woes at power utility Eskom and overall mixed fortunes for emerging currencies as the greenback regained momentum and powered to near a two-week high.

The currency edged firmer after Tuesday’s GDP data showed the economy grew 0.8% in 2018, slightly higher than expected, but was back on the ropes on Wednesday after business confidence slumped to a five-month low. Reserve Bank governor Lesetja Kganyago said on Wednesday growth was set to remain below 2% in 2019, while rising fuel and electricity prices posed a risk to the inflation outlook.

Low inflation has boosted demand for Pretoria’s debt, with the 10-year paper offering around a 3 basis point spread above US Treasuries, shielding the rand from even deeper losses.On the bourse, the Johannesburg all-share index rose 0.42% to 56,053 points, while the Top-40 index gained 0.58% to 49,875 points.

Naspers led the market higher, up 1.91% to R3,215.34 after gains in Hong Kong technology giant Tencent, in which it has a 31% stake.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 30. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

#RandReport: Rand edges higher, stocks flatAt 1515 GMT, the rand was 0.1% firmer at 14.2175 per dollar compared with a close of 14.2300 on Friday in New York.
Source: ewnupdates - 🏆 30. / 53 Read more »

#RandReport: Rand firms after GDP data, stocks weakAt 1500 GMT, the rand was 0.42% firmer at 14.1400 per dollar, compared to its close of 14.2000 on Monday.
Source: ewnupdates - 🏆 30. / 53 Read more »