Articles by 'Business Report'
THE RAND headed for its biggest drop against the dollar since 2016, according to Bloomberg, buffeted by headwinds including a downbeat assessment of the economy by Moody’s Investors Service and a plunge in the biggest company on the JSE. Moody’s report, “Government of South Africa: Fiscal slippages likely this year, but medium-term targets remain within reach”, found that the pace of South Africa’s fiscal consolidation would be slower than government forecast as weaker than expected economic growth and a rising public sector wage bill acted as fiscal headwinds.Read More
Specialist financial services group Peregrine Holdings yesterday singled out its Citadel subsidiary as the star performer with a 19 percent increase in headline earnings for the year to end March.Download
Rand Slips to 3-month Low, Bourse Higher
The Rand came under pressure with the uptick in US capital market yields, losing about 1 percent to the dollar to R12.28 in early trade yesterday, its weakest level in more than three months.Download
Rallying US Dollar Sees Rand Weakened
The Banking index yesterday fell nearly 2 percent as the rand weakened to a 3-month low against a resurgent dollar bolstered by rising US bond yields. The rand weakened to R12.27 against the greenback, R17.12 to the pound and R14.99 against the euro. Bianca Botes, corporate treasury manager at Peregrine Treasury Solutions, said the decline was driven by rising US bond yields which sparked a sell-off of riskier emerging-market assets.Read More
Bianca Botes of Peregrine Treasury Solutions said yesterday that the rand weakened after a strong start on Tuesday morning, from R12.30 to R12.51, before moving back to R12.36 at midday. “The rand is overbought at the moment partly owing to an overreaction to the Cyril Ramaphosa win, but it is likely to lose some ground as the afterglow wears off,” Botes said.Read More