The South African currency slumped due to disappointing gross domestic product (GDP) figures which showed that the economy entered a recession in the second quarter. Generally negative emerging market news and risk aversion added to the rand’s misery. At close of local trade, the rand was bid 2.3 percent weaker at R15.21 a dollar, after trading in range of R14.86 - R15.37. The rand traded slightly weaker overnight.
South African bourse
The JSE All Share ended lower yesterday dragged by losses in large retail and industrial shares. In the overall emerging market sphere, the MSCI Emerging Market Index traded lower. In local news, Sibanye-Stillwater rose yesterday after it announced that it intends to retire 31 percent of its long-term debt through a $400m bond buyback.
Get the latest market update and top stories from our newsrooms across South Africa, Africa and the world.
The latest Forex news is on hand to help you.
Get the Rand to Dollar rate, Rand to Euro rate and the Rand to Pound rate now.
We also have up to date commodity statistics. The World market news is at your fingertips and the most recent financial news is here too.
Watch the market update below:
The Business Report Market Update is published daily on the Business Report website. Stay in touch with the latest in financial and technology news on the Business Report website and social media channels.
You can also follow the Business Report on Instagram here
- BUSINESS REPORT ONLINE