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Rand firms, stocks fall as vote counting is 25% of the way

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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.

The election was seen as the toughest test yet for the ruling ANC 25 years after the party swept to power at the end of white minority rule.

“It’s too early to tell how the domestic market has interpreted the initial results,” RMB analyst Nema Ramkhelawan-Bhana said. 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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You call this the “rand firming”..? what do you consider “it weakening”?

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