MARKET WRAP: Rand slides to three-week low on renewed lockdown concerns
Rand weakens above R15/$ ahead of NCCC meeting and speculation that UK’s new lockdown may spread to the rest of Europe
The rand slid to a three-week low, trading above R15/$ on Tuesday, amid concerns that surging Covid-19 infections around the world will result in a spate of new lockdowns that will put the brakes on a tentative economic recovery. Even so, the JSE rose to a two-year high, buoyed by higher gold stocks, Naspers and Prosus.
The rand was the worst performer against the dollar among its emerging-market peers ahead of a meeting by the National Coronavirus Command Council (NCCC) on Wednesday morning, a week earlier than previously expected...