THE rand crashed to 9,31 to the dollar by Wednesday afternoon following the arrest of National Congress Chief Whip Tony Yengeni on a charge of corruption. Investment bank UBS Warburg trader Garth Adamini said: ”Everyone is sitting, looking at the rand weaken. ”There is no news in the market to explain the move other than Tony Yengeni being arrested. ”The market might be concerned by how far the probe can go, and to what level government corruption may be involved.” On the JSE, the all-share index gained 0,4% to 8219. ”Rand hedge stocks are in demand,” Adamini said. ”The market is mixed, trading thin, there is not a lot of volume.” – Sapa
02