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MARKET WRAP: Rand hedges and some miners boost JSE

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The rand fell through R18/$ for the first time, while the JSE’s banking index continued to weaken, bringing its 2020 losses to more than 47%

The JSE closed firmer on Monday, with rand hedges, resources and gold miners making gains, while banking index losses pushed ever closer to 50% for the year to date.

Moody’s Investors Service downgraded SA’s credit rating to junk on Friday, assigning SA a rating one rung below investment grade, at Ba1, with a negative outlook. The move means SA is now at subinvestment grade with all three major ratings companies. Fitch and S&P Global dropped the country’s debt to junk in 2017.

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