Pound takes beat­ing in wake of elec­tion

Weekend Argus (Saturday Edition) - - FRONT PAGE -

NEW YORK: The pound plunged to a sev­en­week low yes­ter­day af­ter a shock elec­tion re­sult cast doubt on Bri­tain’s talks to leave the EU, but global eq­uity mar­kets ral­lied with key in­dices on Wall Street hit­ting record highs.

Af­ter an ini­tial plunge, ster­ling pared losses against the dol­lar and euro, while the dol­lar gained. Safe-haven gold and prices of AD­COCK 5815 +20 ASCENDIS 2335 -65 ASCENDISN 129 SUSP ASPEN 27878 +79 LITHA 193 SUSP 520 GILBI 1557. FOOD & DRUG RE­TAIL­ERS CLICKS 13484 +284 CHOPPIES 312 -8 Dis-Chem 2839 +30 GoldBrand 81 PICKNPAY 5680 +5 SHOPRIT 19955 +515 SHPCB 10600 SUSP SPAR 15515 +75 RE­TAIL­ERS - SOFT GOODS AFOVR-N 1104 AF-OVR6PP 1400 AF-OVER 1500 MRPRICE 16310 +184 REX-TRUE 1500 REXTRU-N 1150 TASTE 160 -14 TFG 14159 +259 TRUWTHS 7450 +208 TASTE-N 2 -5 RE­TAIL­ERS - MULTI DEPART­MENT HOLDSPORT 5723 HOMCHOICE 3499 MASS­MART 11073 +323 NICTUS 50 VERIMARK 85 -2 WOOLIES 6444 +43 WHLN 1395 SUSP RE­TAIL­ERS - HARDLINES CASHBIL 34000 +700 ITLTILE 1325 +4 JDGROUP 1940 SUSP JDG CONV 84000 SUSP JDGRP-N 40 SUSP LEWIS 3400 +23 SPE­CIALISED CON­SUMER -75 SER­VICES ADVTECH 1816 +68 ADVTECH-N 160 SUSP CURRO 4468 +153 PLGROUP 80 VE­HI­CLE DIS­TRIB­U­TORS CMH 2250 BROAD­CAST­ING CON­TRAC­TORS AME 6600 NASPERSN 26830 +3403 ME­DIA AGEN­CIES TIMES 2100 SUSP PUB­LISH­ING & PRINT­ING CAT 1150 CAX­TON-P 19000 AIR­LINES & AIR­PORTS COMAIR 495 +9 GAM­ING PHMN 375 SUSP PHUMELELA 2085 -15 SUNINT 6000 +37 TSOGO-SUN 2342 +30 HO­TELS CITYLDG 15499 +482 DON 6 SUSP RESTAU­RANTS AND PUBS FAMBRANDS 13087 +354 SPURCORP 3050 +50 LEISURE FA­CIL­I­TIES CUL­LI­NAN 100 WILDRNESS 700 FIXED-LINE TELE­COM SER­VICES TELKOM 6800 WIRE­LESS TELE­COM SER­VICES BLUETEL 1545 +13 MTN 11320 -93 Zakhele 5170 SUSP VO­DA­COM 16630 +164 Ye­boYethu 6830 +30 BANKS B-AFRICA 14640 +140 +12 US Trea­suries drifted lower.

The pound shed more than 2% against the dol­lar, drop­ping as low as $1.26 be­fore trim­ming losses.

“Mar­kets are cel­e­brat­ing, in a re­ver­sal of what we saw af­ter the US elec­tion,” said Jack Ablin, chief in­vest­ment of­fi­cer at BMO Pri­vate Bank in Chicago.

Eq­uity mar­kets ral­lied, with Euro­pean CAPITEC 77850 +1500 FINBOND 314 +14 Finbond-n 1 SUSP FIRSTRAND 4726 +5 NEDCOR 20925 +123 RMBH 5837 -3 STANBANK 14200 +98 IN­SUR­ANCE - NON-LIFE SAN­TAM 23900 +100 ZURICHSA 25500 SUSP LIFE AS­SUR­ANCE CLIEN­TELE 1620 DIS­COV­ERY 12771 +281 DIS­COV-N 3067 SUSP LIB-HOLD 11260 +70 MMIHLDGS 2009 +24 OLDMUTUAL 3234 -47 SAN­LAM 6702 +92 REAL ES­TATE HOLD­INGS & DE­VEL­OP­MENT ADRENNA 64 ATT 1727 ACSION 720 BONATLA 7 BALWIN 665 CAPCO 4835 DELPROP 839 POLSKPROP 1990 FAIRVEST 191 FREE­DOM 7 GLOBETRD 2900 IN­GE­NU­ITY 110 IAPF 1282 +6 IAP-N 1 SUSP MAS 2298 -32 MARADELTA 1730 +35 MDPN 1 NEPI 16700 +195 OCTODEC 2413 +18 ORION 70 PRE­MIUM 1719 PUTPROP 526 PUTPROP-N 2 REBOSIS-N 15 +7 +20 SUSP -10 -63 +11 -2 SUSP SUSP SUSP SUSP RIPLC 635 -13 ROCKCASTL 3560 +30 SABLE 235 SUSP STENPROP 1830 +20 TRADEH 1937 -3 PIV­OTAL 1568 SUSP VUK­ILE 1948 +8 REAL ES­TATE SER­VICES EMIRA 1363 -10 FORTRESSB 3450 FPT 732 FORTRES-N 85 ITUN-N 1750 INTUPROP 4342 RENERGEN 1000 SYCOM 2245 SYCR 2495 TOWER 741 REITS IN­DUS­TRIAL & OF­FICE AR­ROW-A AR­ROW-B CAPPROP EQUITES 898 668 972 1707 SUSP SUSP SUSP -69 SUSP SUSP

-9 -2 SUSP SUSP +22 shares clos­ing higher af­ter early signs of skit­tish­ness.

Bri­tain’s FTSE100 in­dex rose 1%, the dol­lar rose to a 10-day high against a bas­ket of cur­ren­cies, the euro was down 0.24%, oil prices stead­ied with Brent crude up 47c to $48.33 a bar­rel, and US Trea­sury long-dated yields rose to one-week highs. – Reuters

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