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MARKET WRAP: Rand and JSE slip on lack of detail in budget speech

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Analysts believe that finance minister Tito Mboweni’s supplementary budget lacked detail on implementation

The JSE closed weaker on Wednesday, along with the rand, as investors digested finance minister Tito Mboweni’s supplementary budget speech.

Before the speech, the rand had already lost about 0.7% to R17.32/$. As Mboweni finished speaking, the rand had weakened further, down 0.9% to R17.35/$, before falling still further into the evening.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

 

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