Rand sur­ren­ders gains, JSE re­treats

Weekend Argus (Saturday Edition) - - FRONT PAGE -

THE RAND gave up its mod­est gains yes­ter­day ahead of a rat­ings de­ci­sion by Moody’s last night, eras­ing the ben­e­fits of higher com­mod­ity prices as traders treaded cau­tiously and avoided large bets.

At 5pm, the rand was bid at R13.4862 to the dol­lar, 13.31c softer than at the same time on Thurs­day, inch­ing to­wards a one-month low hit late on Tues­day af­ter Pres­i­dent Ja­cob Zuma sur­vived a no-con­fi­dence vote by se­cret bal­lot.

Mar­ket par­tic­i­pants said fo­cus had shifted to the Moody’s de­ci­sion and the fate of an econ­omy stuck in re­ces­sion, with traders short-sell­ing the rand and adopt­ing a wait-and­see ap­proach while eye­ing pol­icy and po­lit­i­cal de­vel­op­ments.

Mean­while, stocks dropped to one- and- a- half week lows, their worst daily per­for­mance since mid-July, as mar­ket heavy­weight Naspers weak­ened af­ter China launched a cy­ber in­ves­ti­ga­tion into its top so­cial me­dia sites. weak­ened 2.83 per­cent to R2 764.53.

The JSE all share in­dex de­clined 0.98 per­cent to 55 155.13 points, while the Top40 in­dex re­treated 1.09 per­cent to close at 48 766.71 points. – Reuters

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