Shares with a big bias towards the local economy gained substantially on Monday as vote counting began, to determine the winner of the ANC’s presidential race. Banks and insurance stocks were some of the standout performers, benefiting from a much stronger rand and a big drop in local bond yields. Consumer-orientated shares such retailers were well supported amid a stronger rand, which has helped to keep inflation in check, thus limiting chances of interest-rate increases. The rand held up near its best level to the dollar since mid-September, at about R13 to the dollar, as the market bet that Deputy President Cyril Ramaphosa would emerge as the new leader of the governing party. Ramaphosa faces formidable opposition in the race for the top job from former AU Commission chairperson Nkosazana Dlamini-Zuma, who could throw a spanner in the works. The all share was up 0.34% to 57,607.20 points at lunchtime, as banks and financials gained 3.7% and 2.18%, respectively. The stronger curre...
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.