At 15:40 the Rand was bid at R7.7874 to the dollar from its previous close of R7.8778, having reached R7.9275 during the course of the day. It was bid at R11.8760 to the euro from a previous R11.9763 and at R15.4578 against sterling from R15.6333 before showing that there have been slight gains in the strength of the local currency.

The JSE ended in the red today after what seemed to be a lot of profit taking on the market today coupled by the prospects of low economic growth in South Africa. The news that construction projects maybe halted due to Eskom’s inability to supply enough electricity also had a negative effect on the markets today. However, Eskom were quick to come out and quash that speculation.

The All share index ended 1.18% lower, led by a 5.18% fall in the platinum mining index. Resources were down 1.33% and the gold mining index gained 0.9%. Banks fell 1.48%, financials retreated 0.42% and industrials were also on the down 1.32%.

Opec decided today to maintain its current output levels and that saw oil at $104 a barrel at 19:05.

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