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MARKET WRAP: Rand weaker with focus on US debt-ceiling talks

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Telkom’s share price plunges as much as 16%, leading JSE losses, as the group expects profit to plunge at least 85%

The rand on Wednesday revisited last week’s record levels while the JSE closed firmer amid mixed global peers as investors assessed debt-ceiling talks in the US.

The local currency fell as much as 1.3% to an intraday worst of R19.3784/$ on “dollar strength fuelled by optimism that US congressional leaders can agree on a debt-ceiling deal within days”, said MyWealth Investment CEO Annatjie van Rooyen...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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