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
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.