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The rand fell to a seven-week low of 13.42 per dollar, down 1.6% on the day, after the ANC ruling party proposed nationalising the central bank and expropriating land without compensation. The proposals were made at a party policy conference.
Shares of companies earning mostly overseas rose as the rand weakened.
Policy risk to central bank independence and property rights pushes the rand weaker, which raises the local cost of imported feed ingredients. The outcome depends on whether the proposals become policy.
moneyweb.co.zaTiisetso Motsoeneng, Olivia Kumw enda-Mtambo, ReutersJul 5, 2017Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
