Rand firmer after elections, stocks fall

JOHANNESBURG - The rand firmed in early trade on Thursday, a day after an election for a new parliament and provincial legislatures, while stocks fell with Steinhoff the biggest loser on the all-share index.

“It’s too early to tell how the domestic market has interpreted the initial results,” RMB analyst Nema Ramkhelawan-Bhana said in a note. On the stock market, the Top-40 index was down 1.5% while the broader all-share fell 1.4% in early trade.

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