THE rand started the week in a vulnerable position, losing more than 20c against the dollar on Monday as the fallout from the steps by the Hawks against Finance Minister Pravin Gordhan continued. The rand was 1.4% weaker at R14.5280/$ amid indications that the National Prosecuting Authority was ready to act against Gordhan after the Hawks handed it a docket. The benchmark R186 was bid at 9.1%, from 8.95% on Friday. It was at 8.52% at the beginning of last week. The JSE was flat, but on the whole markets have avoided the depths of negativity evident in the week ended December 11 2015, despite a tense time last week. The surprise decision by President Jacob Zuma to fire then finance minister Nhlanhla Nene on December 9 2015 led the all share index to fall 2.47% in the week ended December 11, before Gordhan was reappointed the following Monday. The all share closed 1.39% firmer last week, as rand hedges gained on the rand weakness as the news broke that Gordhan was yet again under inve...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.