Rand sinks to six-week low

The rand was at a six-week low at Thursday’s close, lifting rand hedges and some miners, but the JSE gave up earlier gains to close flat after disappointing US data.

The rand breached the psychologically important R14/$ mark for the first time since early January and its three-month volatility – a measure of risk – rose to 17.45%, eclipsing the Turkish lira’s 17.10%. It was 0.99% weaker at R14.20/$.

The all-share edged 0.03% lower to 54,527.1 points, while the top-40 gave up 0.08%.

Banks fell 2%, food and drug retailers 2.1% and financials 1.54%. Platinums added 2.89% and gold miners 2.33%.

Gold was up 0.32% to $1,310.62/oz but platinum lost 0.66% to $780.71. Brent crude was down 0.25% to $63.52 a barrel.