MARKET WRAP: JSE ends up as rand fades after budget speech
The rand had strengthened to its best intraday level since January 2020, and is still up 1.2% to the dollar so far in 2021
24 February 2021 - 19:03
After a positive initial reaction, both the JSE and the rand gave back gains after finance minister Tito Mboweni’s budget speech, as investors reflected on the reality of the country’s dire economic situation.
While Mboweni spoke, the rand strengthened as much as 0.9% to its best intraday level since January 2020 at R14.3919/$. Most analyst comment was also positive as many believe the budget showed an improved outlook for SA’s battered public finances...
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