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MARKET WRAP: Rand holds steady as Reserve Bank hikes repo rate

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JSE records modest gains in a thin session with Wall Street closed for Thanksgiving holiday

The rand weakened slightly after the Reserve Bank hiked interest rates for a third straight time on Thursday, while the JSE posted slim gains in a thin session with US markets closed for the Thanksgiving holiday.

The Bank raised the repo rate by 75 basis points, in line with the forecasts of economists surveyed by Bloomberg, taking the benchmark borrowing indicator to 7% from 6.25% — higher than it was before the start of the coronavirus pandemic...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and TimesLive Premium.

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