Modest losses on JSE

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The new JSE logo. (Supplied)
The new JSE logo. (Supplied)

Johannesburg - The rand’s resilience against a record-breaking dollar overshadowed the local financial markets once again on Wednesday.

The currency, which lost ground on Tuesday, bounced back strongly on Tuesday evening and traded on Wednesday morning more than 1% higher at R13.97 to a dollar, compared to R14.13 the previous day. That put a cap on the prices of the dual-listed shares, which represent a major part of the JSE’s market capitalisation. The losses on the JSE were, however, very modest.

Analysts are uncertain to call the rand’s next move as the dollar held on Wednesday near 14-year peaks as global yield spreads continued to shift in its favour. The Federal Reserve’s continued tightening means that that the yield premium between the US and emerging markets will continue to widen and it could lead to an outflow from these markets back the US.

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Rand - Dollar
13.77
+0.1%
Rand - Pound
19.39
+0.3%
Rand - Euro
16.70
+0.0%
Rand - Aus dollar
10.59
+0.3%
Rand - Yen
0.13
+0.1%
Gold
1,865.14
-0.1%
Silver
27.69
-0.6%
Palladium
2,758.31
+0.1%
Platinum
1,158.50
-0.8%
Brent Crude
72.86
+0.2%
Top 40
61,360
-0.5%
All Share
67,652
-0.4%
Resource 10
64,781
-1.2%
Industrial 25
88,314
+0.1%
Financial 15
13,701
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
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