The rand was back over R13/$ on Tuesday morning, weakening a further 0.34% from Monday’s 0.8% drop after President Jacob Zuma survived an attempt by some ANC leaders to oust him. As usually happens when the rand weakens, banks and other financial institutions suffered while miners benefited. Losers on Monday included insurer MMI, which fell 2.15% to R21.81, and Liberty which fell 1.93% to R110.79. Winners included Anglo American which rose 2% to R177.29 and Glencore which rose 1.86% to R48.85. Mr Price is scheduled to release its results for its financial year to end-March on Tuesday. The retail group has not issued a trading statement, indicating its earnings will be within 20% of the prior year’s. On January 17, Mr Price said its total retail sales in the 13 weeks to end December 31 declined 0.5% to R6.1bn. Excluding new stores, sales fell 2.9%. "Poor economic growth, low levels of consumer confidence and higher selling prices driven by a weak and volatile exchange rate have resul...
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