The local currency is weaker than it was before the budget on Wednesday, while global markets grapple with the spread of the coronavirus
The continued spread of the coronavirus may put the JSE on the back foot on Thursday, while locally the rand has given up the gains it made after the presentation of the budget.
Analysts have warned that the budget may not result in a stabilisation of the state’s finances, as tough negotiations with unions over pay cuts still need to take place. “Even with the mortality rate being on the low side of recent virus outbreaks, the potential for the virus to strain health systems remains considerable,” said National Australia Bank analyst Tapas Strickland in a note.
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