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JSE, Rand Decline After Record Highs| News by Staff Reporter
Both the JSE and the rand tracked US and European markets on Monday
The JSE tracked US and European shares lower as Greek leaders struggle to come to an agreement on the severe spending cuts required to avoid a bond default.
This comes after a week in which the JSE recorded record highs. Yesterday [Monday] the rand also weakened nearly 2% against the dollar. The rand has since January appreciated 6,2% against the dollar – it’s strongest start to a year since 2006.
Greece, however, may hold elections in April, making it difficult for leaders to agree to the severe measures required for the country to receive further aid and avoid a bond default.
Among these cuts is a 25% cut in wages.
The uncertainty seen on Monday led to the South Africa’s first stock market decline in five days when it shed 0,6%.