Want to Know What Investors See for the Rand? Follow This Stock
South African rand banknotes and coins sit in the till of a retail store in Johannesburg, South Africa.
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
If you want to know what investors are thinking about prospects for South Africa’s rand as the ruling African National Congress’ leadership battle unfolds, look no further than Cie Financiere Richemont SA’s Johannesburg share price.
The company has the highest correlation to movements in the rand among stocks in the FTSE/JSE Africa Top 40 Index of South Africa’s biggest listed companies, according to data compiled by Bloomberg. The correlation this month rose to the highest since January.