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MARKET WRAP: Rand snaps losing streak after ‘surprise-free’ budget

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Bonds were also firmer on news of a R254bn debt relief package for Eskom, while the JSE lost ground as the Fed prepares to release the minutes of its most recent meeting

The rand reversed course on Wednesday, breaking two days of losses against the dollar, after finance minister Enoch Godongwana delivered his budget address, which analysts described as “surprise-free”.

Godongwana announced a three year debt relief programme worth R254bn for the stricken power utility, though it comes with strict conditions. They include having to concession its coal-fired power stations once they have been resuscitated as recommended by an international consortium...

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