WEDNESDAY, 10.30AM
FINANCIAL shares on the Johannesburg Stock Exchange were much in demand on Tuesday as the rand held its head up against the dollar, pushing the financial and all share indeices to new record highs, ignoring Monday’s huge losses on Wall Street.
The all share index ended the day 0,65% or 47,3 points up at 7333,6, pushed by the financial index, gained 106,8 points (1,07%) to 10 080,1, breaking 10 000 for the first time ever.
The rand, despite its relative strength against the dollar, where it hovered round the R4,50/$ mark, fell heavily against the pound, to its worst level in five months. With the British currency gaining strength on international markets, the rand deteriorated against sterlking from R7,4933 to R7,5206. The imminent relaxation of exchange controls on July 1 is expected to force the rand downwards as the week progresses.