Last week looked like the upward trend of the South African markets had come to an end, but with a strong finish on Friday, this was not the case. South Africa's rand plunged to its lowest level in over four weeks against the U.S. dollar on Friday after Moody's credit rating downgrade in the previous session. The rand extended losses against the dollar to more than 1% after Thursday's downgrade, touching a low of 11.2750, its weakest level since October 6. The standout sector was the Resource sector, increasing by 4.14% as reflected by the Resource 20 index.
10/11/2014 / Read Story