The South African Rand, once dominant, remains topical as market participants gauge the currency’s daring journey through uncharted territories as it loses ground against the all-formidable U.S. dollar. After abandoning South African Rand-denominated bonds, foreign investors have begun seeking safer alternatives, such as gold. The country’s dire energy crisis amidst rolling blackouts and South Africa’s recent greylisting has not favoured market sentiment around the Rand. However, recent rumours around South Africa supplying Russia with arms sent the Rand to its weakest-ever level against the greenback currency. It reached an eye-watering R19.51 to the dollar on Friday, the 12th of May. The Rand has recently strengthened toward the psychological R19.00 to the dollar mark, which could be watched closely for a potential breakout toward the next significant resistance level at R18.60 to the dollar.
Richemont’s Voyage to New Records
Fundamentally, Richemont has demonstrated exceptional financial prowess, highlighted by its extraordinary annual financial statements. The company achieved record-breaking revenue figures in their latest financial reports, with group sales reaching €19,953 million, a staggering 19% year-over-year increase. Operating profit rose by 34%, and profit for the year from continuing operations surged by 60%. The company’s headline earnings per share and dividend per share also saw substantial growth, adding to the delight of shareholders, while the company’s net cash position strengthened significantly.
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