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Rand wins as UK hung parliament raises Brexit concerns

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Cape Town – The rand strengthened quickly against the British pound on Friday, after England’s election results shattered UK Prime Minister Theresa May’s plan of consolidating power in parliament 10 days before Brexit negotiations were set to begin.

Reversing her party’s previous position of having a majority in parliament, the early UK election resulted in a hung parliament and an unclear course in its approach to exit the European Union.

While the last seven seats were still being counted at 07:45, the BBC had called a hung parliament, as there are not enough seats for the Conservative Party to win to change this outcome.

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ZAR/USD
17.38
(-0.04)
ZAR/GBP
22.74
(+0.08)
ZAR/EUR
20.57
(+0.04)
ZAR/AUD
12.45
(+0.01)
ZAR/JPY
0.16
(-0.06)
Gold
1952.93
(-0.20)
Silver
27.33
(-0.38)
Platinum
955.00
(-0.47)
Brent Crude
45.01
(-1.03)
Palladium
2156.00
(-0.59)
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57419.46
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Top 40
53082.08
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Financial 15
10227.06
(+0.86)
Industrial 25
75743.15
(-0.61)
Resource 10
59161.88
(+0.29)
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