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MARKET WRAP: Bleakest week for rand since February’s blackouts

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The rand had lost 2.33% against the dollar for the week, its biggest weekly loss since mid-February

07 June 2019 - 18:05Despite regaining a little bit of ground late on Friday, the rand recorded its worst week since the country experienced days of load-shedding in February.

By 5.30pm on Friday, the rand had lost 2.56% against the dollar since Monday, its biggest weekly loss since it fell 3.3% in mid-February, when Eskom implemented stage 4 power cuts due to generation shortages and diesel supply constraints. Shortly after the close of the local bourse, the rand had firmed, 0.19% to R14.9674/$, while it had fallen 0.28% to R16.9609/€ and 0.17% to R19.0726/£. The euro was up 0.5% to $1.1331.

Platinum and resource miners led the gains, climbing 3.31% and 2.24%, respectively. General retailers rose 2.2%, industrials 1.76% and banks 1.77%. Naspers provided a boost to the all share, adding 2.51% to R3,459.75.

 

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At least JSE All Share index rallied 1.77% today

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