MARKET WRAP: Rand weakens through R19/$ following Ramaphosa’s ‘election speech’

The rand broke through R19/$ on Friday following President Cyril Ramaphosa’s state of the nation address late on Thursday, which analysts said was short on detail.

“The president announced no new initiatives, nor provided any new information, but rather reassured the public that the government’s plans and policies would yield results. Ultimately, it was an election speech, with a focus on government’s achievements,” said Nedbank’s economic unit…