JOHANNESBURG - The rand gained on Friday, supported by increased investor appetite for risk, even though traders were cautious before a review of the country’s sovereign rating by Moody’s later this evening.
Market focus was on the decision by Moody’s, the last of the top three ratings firms to give Pretoria’s debt an investment- grade mark. The other two, S&P and Fitch, have already downgraded it to “junk”. “We continue to expect the outlook will drop from stable to negative on South Africa’s dual currency long-term sovereign debt Moody’s rating today - if the country review goes ahead,” Investec economist Annabel Bishop said in a note.Some economists, however, said the electricity crisis that saw state utility Eskom impose nationwide rolling blackouts this month, and an overall weak recovery in economic growth, have raised the risk of a full downgrade.In stocks, the Top-40 index closed up 0.
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