Rand

South African markets fall sharply after S&P downgrade

Posted on by The Editorial Team
South African markets fall sharply after S&P downgrade

JOHANNESBURG (Capital Markets in Africa): South Africa’s rand, bonds and banking shares tumbled sharply on Tuesday after S&P Global Ratings cut the country’s credit rating to junk in response to President Jacob Zuma’s move to sack its respected finance minister. Zuma’s cabinet reshuffle has triggered public criticism from within the ruling African National Congress (ANC) and pressure is likely to mount on the president after the credit agency handed South Africa its first downgrade since…

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Rand tumbles after S&P downgrades South Africa to “junk”

Posted on by The Editorial Team
Rand tumbles after S&P downgrades South Africa to “junk”

JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand fell more than 2 percent on Monday to its weakest in almost three months after S&P Global Ratings cut the country’s credit score to sub-investment grade with a negative outlook after last week’s dismissal of the South African finance minister. Stocks were higher on the day, led by gold shares, as demand for the safe-haven asset rose globally in response to worries U.S. President Donald Trump…

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Rand Trims World’s Biggest Currency Gain as Risk Aversion Grows

Posted on by The Editorial Team
Rand Trims World’s Biggest Currency Gain as Risk Aversion Grows

JOHANNESBURG (Capital Markets in Africa) – The rand fell as much as 1.2 percent to head for its biggest weekly retreat this month as increased risk aversion among global investors and a possible reweighting of South Africa in a JPMorgan bond index sparked concern foreigners may sell the country’s debt. At 10:21 a.m. in Johannesburg, the rand dropped 0.4 percent to 13.9520 per dollar, trimming its quarterly and monthly gain to 5.2 percent. The government’s 10-year rand-denominated bond weakened…

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South Africa’s Sins Forgotten as Rand Leads Post-Brexit Rally

Posted on by The Editorial Team
South Africa’s Sins Forgotten as Rand Leads Post-Brexit Rally

South Africa, Capital Markets in Africa: The currency that was forecast to perform the worst in emerging markets this year is also the one benefiting most from the clamor to boost returns in the wake of the U.K.’s Brexit vote. South Africa’s rand has strengthened 4.9 percent against the dollar since the day before the U.K. voted to leave the European Union on June 23, the most among 31 major and developing-nation currencies tracked by Bloomberg and…

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