The rand weakened for the fifth consecutive session on Tuesday, its first five-session loss since early August as emerging-market currencies remained under pressure amid global risk-off sentiment, while investors begin to shift their focus to the ANC’s briefing on its plans to revive the SA economy.
The ANC briefing, set for Wednesday, comes after the party’s national executive committee meeting at the weekend, at which finance minster Tito Mboweni’s economic reform paper was discussed. Pressure is mounting for President Cyril Ramaphosa to implement his promised structural reforms to boost economic growth and to turn around ailing state-owned entities, such as Eskom.
Worse-than-expected Absa purchasing mangers’ index data added to the local currency’s woes on Tuesday, with the rand dropping to its lowest level in two months. The PMI decreased to 41.6 points in September, from 45.7 previously, well below the Bloomberg consensus of 46.5. Gold added 0.81% to $1,484.27/oz, while platinum lost 0.29% to $879.76. Brent crude was down 0.13% to $59.3 a barrel.
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