MARKET WRAP: Rand snaps losing streak after ‘surprise-free’ budget

The rand reversed course on Wednesday, breaking two days of losses against the dollar, after finance minister Enoch Godongwana delivered his budget address, which analysts described as “surprise-free”.

Godongwana announced a three year debt relief programme worth R254bn for the stricken power utility, though it comes with strict conditions. They include having to concession its coal-fired power stations once they have been resuscitated as recommended by an international consortium…