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Rand flat, Vodacom slumps on revenue slowdown

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South?Africa‘s rand was flat in the beginning Thursday, while a 7% fall in mobile operator Vodacom’s shares dragged the Johannesburg bourse lower.

Vodacom was hit by way of a slowdown in quarterly revenue growth, since it’s housing performed badly.

Read: Vodacom sales stop by SA on slow economic rebound?

The Johannesburg Stock Exchange’s All-share index was down 0.7% at 0755 GMT.

The rand – which has enjoyed a strong begin to 2019 – traded at 13.81 in comparison to the dollar, around 0.05% weaker than its previous close.

It has tracked global markets recently, rallying on Wednesday as top trading partner China pledged more fiscal spending to guide unique slowing economy.

A survey showing?South?African consumer confidence remained stable while in the fourth quarter of 2018 did little to change expectations around the pace of any economic recovery.

Government bonds were slightly firmer during early deals, because the yield around the benchmark 2026 instrument dropped 4.5 basis points to 8.80%.?

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