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MARKET WRAP: Rand gains as coronavirus fears begin to fade

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The JSE also gained on the day, despite the release of disappointing manufacturing production data for December

The rand consolidated its position below R15/$ on Tuesday as global markets gained after officials in China said the spread of coronavirus outbreak is close to being contained, while the local unemployment rate remained steady in the fourth quarter of 2019.

Treasury partner at Peregrine Treasury Solutions Bianca Botes said the rand gained “as markets reacted positively to what seems to be the peak of the coronavirus”. The unemployment rate in the fourth quarter of 2019 remained unchanged at near record highs of 29.1%, Statistics SA’s quarterly labour force survey revealed on Tuesday. However, this was the first time the rate has not decreased in the fourth quarter since 2008.

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