MARKET WRAP: Rand hedges and some miners boost JSE

The JSE closed firmer on Monday, with rand hedges, resources and gold miners making gains, while banking index losses pushed ever closer to 50% for the year to date.

Moody’s Investors Service downgraded SA’s credit rating to junk on Friday, assigning SA a rating one rung below investment grade, at Ba1, with a negative outlook. The move means SA is now at subinvestment grade with all three major ratings companies. Fitch and S&P Global dropped the country’s debt to junk in 2017.

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