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

Stronger rand signals ends to Brexit panic?

ECONOMIC NEWS

bdlive.co.za - 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

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