MARKET WRAP: Rand slumps on power cuts and global growth concerns

The rand slumped to the lowest level in a month on Tuesday, burdened by global growth concerns, the effect of floods in KwaZulu-Natal and further blackouts by Eskom.

The global mood was also sombre as the IMF slashed its world growth forecast by the most since the early months of the Covid-19 pandemic — and projected even faster inflation — as a result of Russia’s invasion of Ukraine and renewed virus lockdowns in China…