Rand, shares fight back
South African stocks rose for the first time in five days yesterday, rebounding from an eight-month low on Monday. And the rand rallied the most in more than a month. The JSE Africa All Share Index jumped 3.1% - the most since December - while the currency strengthened 1.2% to 13.0696 per dollar after falling to a record low of 14.0682 on Monday."What we're seeing is a relief rally," Grant Cullens, CEO of African Alliance Securities, said. "The question is whether or not there's going to be longevity in it. We've probably seen the worst of the correction."Markets generally rebounded as traders sought out bargains - though Shanghai's shares plunged a further 7.63%.Monday's 9% slump in China sparked pandemonium, wiping $2.7-trillion off global equities.Yesterday the Chinese central bank cut interest rates in a desperate attempt to stop the market rout...
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