Rand and stocks end week weaker

Saturday Star - - INSIGHT -

THE RAND re­treated against the dol­lar yes­ter­day, giv­ing up gains driven by im­prov­ing ap­petite for emerg­ing mar­kets as­sets and a set of lo­cal data show­ing mo­men­tum was re­turn­ing to the do­mes­tic econ­omy.

How­ever, at 5pm, the rand was bid at R12.4665 to the dol­lar, 3.49c firmer than at the same time on Thurs­day. The unit is trad­ing at its strong­est level since July 2015, ac­cord­ing to Thom­son Reuters data.

“Nor­mally the mar­ket is cau­tious about keep­ing on ag­gres­sive po­si­tions over a weekend and so Fri­days of­ten see a counter-trend re­ver­sal,” RMB Global Mar­kets an­a­lyst, John Cairns, wrote in a note.

Stocks were weaker for a third ses­sion as Life Health­care and di­ver­si­fied min­ing firms weighed.

The bench­mark JSE Top40 in­dex was down 0.41 per­cent at 44 662.6 points, while the broader all share in­dex also fell by the same mar­gin at 51 816.31 points.

was the biggest de­cliner among the blue chips, ex­tend­ing losses it suf­fered on Thurs­day af­ter an­nounc­ing a sharper than ex­pected dis­count on its R9 bil­lion rights of­fer.

Shares in Life Health­care were down 3.17 per­cent to end the ses­sion at R32.35. – Reuters

Life Health­care

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