Rand to Dollar
.
Brought to you by Moneyweb
For more news your way, follow The Citizen on Facebook and Twitter.
Banking stocks appear set for another cracker of a day after Deputy President Cyril Ramaphosa won the African National Congress’s leadership race.
Banking shares got off to a flying start following Ramaphosa’s win. By 9.05am, the banking index gained a third of a percent, with the nation’s largest banks posting significant individual gains.
Standard Bank opened 0.96% higher at R186.78 per share, Barclays Africa gained 0.92% to R173.07 and Nedbank was up 0.90% to R242.17 per share.
Prior to the results announcement the market had priced in an outright win for the Ramaphosa slate, which saw the index close 5.21% higher at 8,866.77 index points.
Despite expectations, the composition of the party’s Top 6 officials came as somewhat of a surprise, with three each from Ramaphosa and Nkosazana Dlamini-Zuma’s camp, which appears to weighing on the rand.
The local unit fell from a nine-month high of 12.52 per dollar to 12.85 early on Tuesday morning. It remains to be seen whether the banks will follow suit.
Download our app and read this and other great stories on the move. Available for Android and iOS.