Advertise with

Stronger rand signals ends to Brexit panic?
Stronger rand signals ends to Brexit panic?

Stronger rand signals ends to Brexit panic?

ECONOMIC NEWS - Jun 28th 2016, 08:37

THE rand strengthening overnight from nearly R15.50 to about R15.29 to the dollar hopefully means Brexit panic is abating. 

The JSE failed to follow Tokyo and Sydney higher on Monday, instead replaying Friday with the same UK-dependent JSE listings leading the losers.

Capital and Counties, developer of an £8bn project to regenerate London's Earls Court, again was Brexit’s biggest casualty with a 13.57% plunge after Friday’s 17.79% crash.

UK-focused shopping mall owner Intu, was again the second biggest casualty of Britain voting to exit the European Union, sliding a further 8.93% after Friday’s 15.23% dive.

Chemicals producer Omnia said in a trading statement on June 8 it expected to report on Tuesday headline earnings per share for the year to end-March fell between 31% and 28% from the previous year’s R14.65.

Montauk, the US gas company unbundled from Hosken Consolidated Investments, said in a trading statement on June 23 it expected to report on Tuesday its headline loss per share for the year to end-March narrowed by between 38.6% and 48,5% from the previous year’s 6.45 US cents.

On Tuesday morning ahead of the JSE’s opening, Tokyo continued its rebound from Friday’s crash, with its Topix and Nikkei 225 indices both green.

Gold, among the few winners in the Brexit crisis with an over 5% gain since Friday, was down about 0.5% to $1,316/oz in Singapore on Tuesday morning. 

Read more about: economy | brexit | markets | rand

Related News

4 reasons to be hopeful about South Africa’s economy
12/09/2019 - 14:40
Markets responded positively to South Africa’s economic growth rebounding in the second quarter, up 3.1%, and 0.9% for the year to June 2019.

UK retailers bristle at demand of no-deal Brexit
10/09/2019 - 14:52
A British demand for supermarkets to prepare for a potentially chaotic no-deal Brexit by stockpiling food is stoking anger in the industry, with bosses saying they should not be blamed if people can't find everything they want on the shelves.

Eskom: The largest threat to the stability of the SA economy
10/09/2019 - 09:45
On Tuesday 23 July, South African Finance Minister Tito Mboweni tabled a bill before the National Assembly which would see national state-owned power utility Eskom benefit from an allocation of R59 billion over the next three years.

Innovative leasing deals boost Kenya's office market
04/09/2019 - 09:25
A creative approach to leasing deals is helping innovative landlords offset the challenges of high vacancies in an overstocked Nairobi office market, according to Broll Property Intel’s latest Kenya Office Market Snapshot H1:2019 report.

Lego's sales bounce back with the help of Marvel superheroes
04/09/2019 - 09:11
Models of superheroes and villains from Marvel’s Avengers movies helped lift first-half sales at Lego, as the Danish toymaker continued its turnaround drive with investments in China, India, the internet and new stores.