STOCKS AND MARKETS

RAND STEADY, JSE CLOSES LOWER

THE RAND was little changed yesterday as investors awaited closely watched data releases including mining output later in the week, while a plunge in investment firm Brait sent stocks lower.

At 5pm, the rand bid at R13.8320 to the dollar, 1 cent firmer than at the same time on Friday.

The local currency has started 2019 on the front-foot, rallying more than 3.5 percent against the dollar. But it remains vulnerable to swings in global risk appetite as well as uncertainty surrounding this year’s parliamentary election.

Later this week investors will scrutinise domestic data releases including mining output and retail sales, as well as a repo rate decision by the SA Reserve Bank (SARB).

Economists polled by Reuters expect the SARB to leave the rate on hold, while retail sales and mining are seen expanding modestly.

On the JSE, Brait plunged 21.48 percent to R25 after its British fashion chain New Look announced a deal with creditors to cut £1 billion (R17.7bn) off its debts, its latest turnaround attempt.

It was the biggest decliner on the all share index, which fell 0.31 percent to 53 485.59 points. The blue chip Top40 index dropped 0.33 percent to end the session at 47 335.59 points. I Reuters