Rand strength­ens af­ter Democrats take con­trol of House

Sunday Tribune - - METRO - Busi­ness Re­port

THE rand and JSE last week cheered the news that the Democrats had wrested con­trol of the US House of Rep­re­sen­ta­tives from Don­ald Trump’s Repub­li­can Party, in a move that might cur­tail the pres­i­dent’s trade and tar­iffs agenda. The lo­cal cur­rency breached the R14 mark against the US dol­lar for the first time since Au­gust.

The US midterm elec­tion re­sults saw the dol­lar come un­der pres­sure af­ter the Democrats won the House for the first time in eight years. The re­sults were also in­ter­preted as US dis­sat­is­fac­tion with lead­er­ship un­der Trump.

The lo­cal eq­ui­ties mar­ket ral­lied on the back of the US elec­tion re­sults, with the all share in­dex clos­ing the trad­ing ses­sion in the black up 250 points to 54 701 points, while the blue chip Top 40 in­dex closed the ses­sion up 171 points to 48 296 points. Gains on the JSE were led by fi­nan­cial stocks, which rode the wave of a stronger rand. |

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.