MARKET WRAP: Rand strengthens on positive PMI data
The JSE ends the day lower as worries over the resurgence of the virus keep investors on edge
01 July 2020 - 19:42
The rand firmed on Wednesday, with market sentiment getting a bit of a lift from Covid-19 vaccine news and positive economic data.
The Absa purchasing managers’ index (PMI) reached its highest level since August 2013, showing that conditions in the manufacturing sector reached a multiyear high in June, as the economy moved to level 3 lockdown, allowing more businesses to reopen. However, the bank cautioned that this does not mean actual production has bounced back...
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