The JSE closed higher on Wednesday as the weaker rand supported industrials and miners, but with banks and general retailers weakening. The rand lost 2% to the dollar after the ANC’s economic transformation committee at the party’s policy conference recommended that the ANC nationalise the Reserve Bank. The rand traded in a range of R13.14 and R13.49 to the dollar and weakened sharply after the recommendation became public. The rand also weakened against the backdrop of a softer dollar and lower commodity prices. The dollar was firmer ahead of the release of the US Federal Reserve’s June minutes in the evening, which are expected to reflect the Fed’s hawkish tone, as evinced by last month’s interest rate hike. The rand was at R13.3965 to the dollar in early evening trade, firming marginally after Finance Minister Malusi Gigaba said he supported the independence of the Reserve Bank. Gigaba said that the proposed constitutional amendment by the Public Protector was not necessary as th...
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