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MARKET WRAP: Rand has best day in three weeks despite impending WGBI exit

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MARKET WRAP: Rand has best day in three weeks despite impending WGBI exit
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Many passive funds will have to drop SA bonds as they are not mandated to invest in junk

The rand had its best day since April 7 on Wednesday as global risk appetite lifted following positive data from a coronavirus drug trial.

The gains came despite SA being set to fall out of the World Government Bond Index on Thursday, after the country’s debt was relegated to junk in late March, when Moody’s Investors Service became the last of the major ratings agencies to remove the country’s investment-grade status.

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