JSE weakens in high-volume trade as rand hedges come under pressure
The JSE closed weaker on Friday, with local focus squarely on the start of the ANC elective conference on Saturday. Volumes on the local bourse were much higher than usual, at R43bn compared to the usual daily average of R20bn. The rand was well supported on Friday, to below R13.30 to the dollar, shortly before the JSE closed, and after a series of legal setbacks for ANC presidential candidate Nkosazana Dlamini-Zuma. This put rand hedges under pressure, including Naspers, which lost just more than 3%. Banks failed to capitalise on rand weakness, while gold and platinum miners jumped. The all share fell 0.75% to 57,412.8 points and the top 40 1.06%. Industrials gave up 1.44%, food and drug retailers 1.07% and banks 0.41%. The ANC conference is expected to generate volatility in the local currency, which has surprised analysts with its stability during the week. Early signs of a win for Cyril Ramaphosa — the more investor-friendly option — had provided support for the rand, said Capit...
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