The rand, which weakened from R11.64 to R11.80 to the dollar on Wednesday following the Reserve Bank’s decision to cut interest rates, was trading at R11.76 to the dollar at 7am on Thursday morning.The rand was trading at R14.50 to the euro and R16.56 to the pound.The weaker rand may help the JSE’s offshore focused listings halt a five trading day slide caused by Naspers getting dragged down in the wake of Facebook’s crash.The rout of internet-related stocks since the Facebook scandal broke on March 19 has left Naspers shareholders 14% poorer. Facebook shareholders are down 16% following the revelation it sold its users’ secrets to an advertising firm, Cambridge Analytica, headed during the 2016 US presidential campaign by Donald Trump’s aide Steve Bannon.There was little respite in the slide of the FANG (Facebook, Amazon, Netflix and Google, now Alphabet) stocks on Wednesday. Although Facebook managed a small rebound of 0.53% to $153.03, Amazon fell a further 4.38% to $1,431.42, Ne...
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