The rand weakened as much as 1.6% on Monday following news of the recommendations by the public protector that the Reserve Bank should change its mandate, but this morning, recovered some ground trading at 0.2 percent
At 10 am the local unit was trading at R13.00 against the dollar and at R14.49 against the euro and R16.44 against the British pound.
Markets and big movers:
The JSE all share index opened 0.34 percent lower this morning, while the top 40 index was down by the same amount. However gold mining stocks strengthened slightly by 0.11 percent following the uncertainty in the markets around the mining charter.
Offshore market movements:
The Nasdaq closed flat, while the Hang Seng closed 0.21 percent weaker.
Market Factors to watch put for today:
No major company results is expected today.However, we expect a busy day with news coming in this morning that the Reserve Bank was planning to take the Public Protector to court over her recommendations to change their mandate, while the mining charter continues to stay on the news agenda with markets taking note of legal experts weighing in with their opinions on the proposed charter.
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