MARKET WRAP: Rand and JSE gain amid uptick in global risk sentiment
The SA Reserve Bank said on Monday that the local economy could contract by between 2% and 4% in 2020 due to the virus
The rand came off record lows and the JSE had its best day since March 26 on Monday as global investors clung on to hope that the coronavirus outbreak will continue to slow.
The local bourse gained more than 3% on the day and the rand firmed to below R19/$ after it had earlier reached a record low of R19.34, according to In front data. The morning weakness in the rand came after Fitch Ratings downgraded SA further into junk status on Friday evening.