MARKET WRAP: Rand hits R15/$ for the first time in eight months

The JSE closed flat on Thursday, as the rand hit R15/$ for the first time in eight months, putting pressure on banks but benefiting local miners.

Contradictory statements regarding the Bank’s mandate have dented confidence towards SA, analysts say, even as investors await announcements regarding Eskom’s finances, as well as other policy changes from the new cabinet. The euro pushed higher on Thursday, while gold miners gave back earlier gains, ending lower. Miners generally benefit from a weaker rand, as this makes their output — sold in dollars — more valuable in rand, while a weaker rand implies higher inflation — to the detriment of banks and retailers.

Despite expectations of a dovish ECB statement, revisions to the growth and inflation projections were not all as negative as some would have assumed, based on recent inflation data and growing global risk, Oanda analyst Craig Erlam said.TFG gave up 1.98% to R167.97 and Woolworths 1.08% to R45.07.UK industrial landlord Stenprop fell 1.89% to R20.80. It said earlier that net rental income rose to £33.9m in the year to end-March from £32.

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