South African Rand Plunges on President Cyril Ramaphosa Farmgate Scandal Rumors

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  • #48263
    TradersCom
    Keymaster

    JSE FTSE All Share index closed 73,150 on Friday, the highest in seven months, as gains for retail companies and banks outweighed slight losses for commodity-linked stocks.

    Bidvest and Investec led the gains for financial shares, adding 2.2% and 1.5%, respectively.

    Anglogold and Gold Fields corrected slightly lower from rallies this week after signs that the Fed will slow the pace of rate hikes lifted gold prices.

    iron ore miner Rio Tinto booked losses as soaring Covid cases in China pressed demand expectations for infrastructure.

    On the week, the index added 0.8%

    #48208
    TradersCom
    Keymaster

    The South African rand fell over 4% against the dollar to around 17.95 before paring losses to the lowest since November 4th, after “farmgate” rumors
    [See the full post at: South African Rand Plunges on President Cyril Ramaphosa Farmgate Scandal Rumors]

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