The rand weakened as much as 2% and traded at 18.70 to the dollar on Thursday morning as the election results and projections started to indicate a new political landscape in South Africa, while the JSE also did not escape the pressure of the election results.
According to Moneyweb the rand traded at R18.70 by 10:56am, but it regained a little ground to trade at R18.59 by 6pm., with the FTSE/JSE Africa All Share Index falling as much as 2.3%. The yield on local-currency bonds maturing in 2035 rose 17 basis points to 12.2%, a five-week high. Later in the day, at 2:08pm the local currency was trading at R18.60, about 0.8% weaker than its previous close.South Africa’s stocks and bonds also tumbled on Thursday due to the election projections indicating that the ANC might lose its parliamentary majority for the first time in 30 years. On the Johannesburg Stock Exchange, the blue-chip Top-40 index was down almost 2% compared to a 1.
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