Rand on the re­bound

The Manica Post - - Business -

THE rand was back un­der R12,50 to the dol­lar on Wed­nes­day morn­ing, strength­en­ing more than 2 per­cent over Christ­mas on re­ports the new ANC na­tional ex­ec­u­tive com­mit­tee (NEC) wants Pres­i­dent Ja­cob Zuma’s res­ig­na­tion.

City Press re­ported on Christ­mas Eve that ANC pres­i­dent Cyril Ramaphosa and sec­re­tary-gen­eral Ace Ma­gashule would lead dis­cus­sions with Zuma to per­suade him to vol­un­tar­ily step down.

“It was said that he should be re­quested [to step down] out­side of the for­mal­i­ties of the NEC pro­cesses, to avoid mak­ing it ap­pear as if the NEC re­moved him. If he does not co-op­er­ate, a res­o­lu­tion of the NEC can be eas­ily se­cured. We all agree that the sooner he goes, the bet­ter,” an anony­mous ANC leader told City Press.

The rand strength­ened 2,2 per­cent from R12,77 to the dol­lar on Fri­day to R12,49 to the dol­lar at 6.30am on Wed­nes­day. It strength­ened from R15 to the euro to R1,.82 to the euro, and from R16,89 to the pound to R16,1 to the pound.

The JSE en­joyed a Santa rally be­fore the Christ­mas hol­i­day, with the all share in­dex gain­ing 1,3 per­cent on Thurs­day and a fur­ther 0,05 per­cent on Fri­day be­fore clos­ing at noon.

Sa­sol may ben­e­fit on Wed­nes­day from Brent crude oil prices ris­ing 1,9 per­cent to $66,67/bar­rel fol­low­ing an ex­plo­sion in a Libyan pipe­line.

Box­ing Day was not a hol­i­day in the US, and the New York and Nas­daq stock ex­changes fell on Tues­day de­spite US Pres­i­dent Don­ald Trump sign­ing the tax bill on Fri­day. — Busi­ness Day

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