The Rand was only one of many Emerging Market currencies that took a beating last week, falling almost 9% in three days. However, not even the weaker Rand could protect our predominantly Rand Hedge stocks as selling was indiscriminate, and the stock market came off over 2% on Friday. Vulnerable companies took the brunt of the sell-off as Mr Price fell 7% in one day, and The Foschini Group came under pressure after releasing results that evidenced tighter credit extension regulation.
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