The rand dipped on Monday morning in an apparent consolidation, after reaching a three-year high to the dollar over the past week. Foreigners were net purchasers of the local equities to tune of just more than R7bn last week, bringing the total to R23.7bn since the start of the year. The tabling of the budget will be main item on the agenda this week, after the state of the nation address (Sona) set the tone on Friday. President Cyril Ramaphosa again pushed up the right buttons, recommitting the government to restore faith in law enforcement agencies. Ramaphosa also vowed to fix state-owned enterprises (SOEs), long considered a drag on the fiscus. The speech also recommitted the government to improve policy certainty and consistency in order to unlock fixed investment. "The CR [Cyril Ramaphosa] factor is likely to give the domestic markets further traction in the near term. However, budget and policy implementation are what the real money accounts and rating agencies will be scrutin...

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