Rand firmer after Ramaphosa's speech, stocks flat

JOHANNESBURG – The rand firmed on Friday after President Cyril Ramaphosa set out brief plans to stimulate economic growth during his state of the nation address, although his speech was short on specifics and timeframes.Ramaphosa acknowledged in an annual address to parliament on Thursday evening that growth had stalled, exacerbating high levels of unemployment and increasing hardship for millions of citizens.

Eskom supplies more than 90% of South Africa’s electricity but is struggling with high debts and power stations in need of refurbishment. “The key positive statements of surrounded increasing the supply of available electricity and the reduction of government spending,” said Kamilla Kaplan of Investec.

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