Thursday , June 17 2021

Rand companies, banks top index of blue chips



At 1539 GMT, the rand was traded at 13.6000 per dollar, with 0.87% harder than in New York from 13.7175 on Thursday.

Photo: Delivered.

JOHANNESBURG – The bench has stabilized against the dollar on Friday, backed by rising risk, as banks exceeded the blue chip index after Morgan Stanley raised its target prices.

At 1539 GMT, the rand was traded at 13.6000 per dollar, with 0.87% harder than in New York from 13.7175 on Thursday.

Rand also found support from a weaker dollar as a concern for the US government's continued suspension, at a time when global growth is already slowing down, weighted by green money.

The dollar index, measuring its value against six major companies, declined by 0.58% to 96,037.

"Rand began the week lately after the IMF lowered its global growth forecast. This makes investors who are not reluctant to choose the green money safety, "economists say in the NCC's African economy.

"However, the rand remains resilient, despite the volatile movements of the dollar, restoring the earlier losses to publish a second consecutive weekly profit."

With fixed income, bonds moved on to a stronger ranch, with yield benchmark government bonds due in 2026 declining by 10 basis points. to 8.71%.

In the equity market, banks outperformed the Top-40 index after Morgan Stanley raised its target prices for Standard Bank, Absa Group, Firstrand Ltd and Nedbank Group Ltd.

Bank Index rose 2.51%, reaching a peak of 8-1 / 2 months.

Standard Bank rose 3.69% to R194.94, Absa rose 2.56% to R180, Firstrand rose 1.57% to R70.61, while Nedbank rose 2.90% to R288.27.

The All Equities Index in Johannesburg has been under pressure throughout the week because of fears of a weaker global economic outlook and continuing uncertainty over the US-China trade war.

"It also said that stronger Asian stock markets boosted local stock prices," economists from the African economy say.

The share index ended the week by 0.77% stronger, while the top-40 index closed 0.88%.

On the downside, AVI Ltd, the biggest food loser, was the biggest loser, closing 8.68%, after reporting a small increase in revenue for the half year, accusing continued pressure on consumer spending.


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