MARKET WRAP: Rand firmer despite employment numbers

The rand strengthened on Tuesday despite figures showing that the unemployment situation in the country worsened in the first quarter of the year.

On Monday, China retaliated to US President Donald Trump’s latest round of tariff increases by instituting some of its own, on $60bn worth of US imports. The JSE all share lost 0.25% on the day to 56,234.3 points with property suffering the most with a fall of 1.11%, followed by general retailers, which relinquished 1.1%. The bulk of the latter’s losses came from a 4.92% slump in Pepkor to R18.35. The company is being severely affected by its association with Steinhoff, which still owns more than 70% of its stock.

Investec Property Fund fell 1.83% to R15.59 despite it increasing its full-year payout to investors by 5.1% on a normalised basis, thanks to a strong showing from its European logistics portfolio.

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