JOHANNESBURG – The rand edged slightly stronger against the US dollar during European trade yesterday according to NKC Research.
The South African currency advanced amid a drop in longer-dated US bond yields and as China moved to soothe fears that the Trump-Xi trade truce was a failure. The trade-weighted US dollar weakened a tad and emerging market sentiment improved somewhat. At the close of local trade, the rand quoted 0.2 percent stronger at R13.80/$, after trading in the range of R13.73/$ – R13.88/$. The rand traded weaker overnight. Expected range today R13.80/$ – R14.05/$.
South African bourse
The JSE All Share (-1 percent) ended lower yesterday dragged by losses in large property (-0.8 percent) and consumer goods (-0.4 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-1.22 percent) traded lower. In local news, retailers Dis-Chem (-4 percent) and Clicks (-3.9 percent) were among the day’s biggest laggards.
Brent crude oil
The Brent oil price traded higher yesterday, as traders await a meeting between some of world’s biggest crude exporters that could see a possible cut in global oil supply. At the close of local trade, the Brent oil price quoted 1.9 percent higher at $62.23/pb. Crude prices traded lower again during Asian trade this morning due to concerns over weaker global equity prices.
Like Business Report on Facebook by clicking here or follow us on Twitter @Busrep.
You can also follow the Business Report on Instagram here
BUSINESS REPORT ONLINE