Cape Town - Local markets firmed on Wednesday on the back of a weaker rand, favouring resources and rand hedge stocks.
The rand weakened significantly and retreated to R13.54 at the close of the JSE. The US Dollar Index, which tracks the dollar against a basket of major currencies, firmed 0.11% - indicating general dollar strength.
In the capital market, South African bond prices weakened as bond yields increased in line with the weaker currency. The yields of the benchmark R186 2025 rose marginally to 8.892%. Higher bond yields put pressure on banking stocks as seen by the decrease in Firstrand [JSE:FSR] -1.27%, Barclays [JSE:BGA] -1.32% , Standard Bank [JSE:SBK] -1.32% and Nedbank [JSE:NED] -1.09%