MARKET WRAP: Rand and JSE firmer as investors welcome Godongwana’s medium-term budget

The rand strengthened to a two-month high on Wednesday and the JSE firmed after finance minister Enoch Godongwana delivered a medium-term budget policy statement (MTBPS) that presented a “pragmatic outlook”, according to one analyst.

Old Mutual Group chief economist Johann Els said in the face of a multitude of pessimistic revisions, the medium-term budget “acknowledged the current circumstances, underscored potential risks, and placed a strong emphasis on the imperative for fiscal consolidation”. ..