20°C / 22°C
  • Wed
  • 26°C
  • 16°C
  • Thu
  • 28°C
  • 16°C
  • Fri
  • 29°C
  • 16°C
  • Sat
  • 25°C
  • 17°C
  • Sun
  • 23°C
  • 13°C
  • Mon
  • 24°C
  • 11°C
  • Wed
  • 28°C
  • 17°C
  • Thu
  • 24°C
  • 18°C
  • Fri
  • 25°C
  • 17°C
  • Sat
  • 23°C
  • 17°C
  • Sun
  • 26°C
  • 16°C
  • Mon
  • 30°C
  • 15°C
  • Wed
  • 28°C
  • 17°C
  • Thu
  • 29°C
  • 18°C
  • Fri
  • 32°C
  • 19°C
  • Sat
  • 27°C
  • 19°C
  • Sun
  • 25°C
  • 16°C
  • Mon
  • 24°C
  • 14°C
  • Wed
  • 28°C
  • 17°C
  • Thu
  • 30°C
  • 18°C
  • Fri
  • 29°C
  • 18°C
  • Sat
  • 26°C
  • 18°C
  • Sun
  • 23°C
  • 14°C
  • Mon
  • 25°C
  • 12°C
  • Wed
  • 25°C
  • 22°C
  • Thu
  • 29°C
  • 22°C
  • Fri
  • 27°C
  • 21°C
  • Sat
  • 29°C
  • 21°C
  • Sun
  • 25°C
  • 19°C
  • Mon
  • 23°C
  • 18°C
  • Wed
  • 25°C
  • 17°C
  • Thu
  • 25°C
  • 18°C
  • Fri
  • 22°C
  • 17°C
  • Sat
  • 23°C
  • 17°C
  • Sun
  • 20°C
  • 16°C
  • Mon
  • 22°C
  • 13°C
  • Wed
  • 35°C
  • 20°C
  • Thu
  • 30°C
  • 16°C
  • Fri
  • 31°C
  • 14°C
  • Sat
  • 27°C
  • 16°C
  • Sun
  • 30°C
  • 16°C
  • Mon
  • 35°C
  • 16°C
  • Wed
  • 28°C
  • 18°C
  • Thu
  • 22°C
  • 17°C
  • Fri
  • 25°C
  • 16°C
  • Sat
  • 22°C
  • 16°C
  • Sun
  • 25°C
  • 16°C
  • Mon
  • 28°C
  • 16°C
  • Wed
  • 30°C
  • 19°C
  • Thu
  • 31°C
  • 20°C
  • Fri
  • 33°C
  • 19°C
  • Sat
  • 31°C
  • 20°C
  • Sun
  • 26°C
  • 18°C
  • Mon
  • 25°C
  • 15°C
  • Wed
  • 25°C
  • 17°C
  • Thu
  • 24°C
  • 16°C
  • Fri
  • 26°C
  • 14°C
  • Sat
  • 25°C
  • 16°C
  • Sun
  • 26°C
  • 14°C
  • Mon
  • 25°C
  • 12°C
  • Wed
  • 26°C
  • 18°C
  • Thu
  • 28°C
  • 19°C
  • Fri
  • 27°C
  • 19°C
  • Sat
  • 27°C
  • 20°C
  • Sun
  • 23°C
  • 16°C
  • Mon
  • 22°C
  • 14°C
  • Wed
  • 27°C
  • 17°C
  • Thu
  • 26°C
  • 16°C
  • Fri
  • 24°C
  • 14°C
  • Sat
  • 23°C
  • 16°C
  • Sun
  • 20°C
  • 13°C
  • Mon
  • 23°C
  • 12°C

#RandReport: Rand edges lower, Naspers drags bourse down

At 1632 GMT, the rand had trimmed some earlier losses and traded at 11.8775 per dollar, 0.25% weaker than its New York close on Wednesday.

Picture: EWN.

JOHANNESBURG - South Africa’s rand weakened against the dollar on Thursday, with market attention pinned on President Jacob Zuma’s future, while market-heavyweight Naspers weighed on the bourse.

At 1632 GMT, the rand had trimmed some earlier losses and traded at 11.8775 per dollar, 0.25% weaker than its New York close on Wednesday.

Zuma will meet the top six officials of the ruling party over his future this weekend, the state broadcaster said on Thursday, adding to speculation he may be removed as head of state.

Any sign that Zuma could go before his second term ends next year has tended to boost South African assets.

“When will President Zuma go? This question is dominating South Africa and the rand at present,” Commerzbank analysts said in a research note.

“At present speculation about Zuma standing down is supporting the rand. However, the more the deadline approaches the more nervous investors might get.”

Government bonds were slightly stronger in, with the yield on the benchmark 2026 instrument down 3 basis points to 8.42%.

On the equities market, the Johannesburg All-Share index closed down 0.42% to 59,258 points and the blue-chip JSE Top-40 index fall 0.31% to 52,453 points.

Market-heavyweight Naspers continued its previous session’s slide, closing 2.05% lower at R3,313.05.

Property shares, which have been under pressure since January on market speculation that US firm Viceroy Research would release a negative report on a listed firm, also weighed on the bourse.

Resilient Reit fell 7.38% to R107.81, while Fortress Reit was down 2.21% to R17.25.

On the upside, Capitec bank recovered and closed 5.55% higher to R845 after its chief executive spent R1.5 million on shares in the company on Wednesday, exchange filings showed, a move hailed by one trader as a vote of confidence in Capitec.

“It’s a good way of showing that the directors are prepared to take the risk, so why wouldn’t the shareholder,” said Independent Securities trader Ryan Woods.

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus