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MARKET WRAP: Rand bulls still in charge after Ramaphosa’s win

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Local currency has notched up gains every day since the president was re-elected to lead the ANC

The rand retained the stronger bias it has enjoyed this week while the JSE was lower in line with its global peers. A short-lived bounce for world stocks faded as fears resurfaced about an economic downturn.

“The market clearly believes that the Ramaphosa faction’s strong showing at the elective conference is constructive for SA, as the prospect of policy continuity and more reform progress has been welcomed,” Sasfin analysts said. The JSE all share index ended 0.83% lower at 73,225 points, while the top 40 shed 0.85%. The main drags on the equities market came from the industrial materials index, which shed 2.94%, and industrial metals and mining, which was 1.71% lower. The strong performers from Wednesday, the resources and precious metals and mining indices, were down 1.69% and 1.66%, respectively. Banks and financials shed 0.86% and 0.79%.

 

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Rand's been doomed since Madiba's mug appeared on it

But it's still above 17

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