JOHANNESBURG – The South African rand garnered support on Friday from improving global risk appetite following a tumultuous week, while riding the wave of relief in the aftermath of an uneventful national poll according to NKC Research.
Markets digested Sino-US trade talk developments as the greenback reacted to a headline inflation release of a 0.3 percent m-o-m increase in April, which came in slightly below market expectations. At the close of local trade, the rand quoted 0.8 percent stronger at R14.21/$, after trading in range of R14.18/$ – R14.38/$. The rand traded firmer over the weekend. Expected range today R14.00/$ – R14.35/$.
South African bourse
The JSE All Share (+0.5 percent) took its cue from Asian markets as it firmed on Friday after sustaining heavy losses in the previous trading session. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.5 percent) traded higher. In local news, a sharp rebound by Tencent prompted JSE-heavyweight Naspers (+1.3 percent) to close higher.
Brent crude oil
The Brent oil price stammered along on Friday, in the wake of considerable uncertainty regarding renewed trade tensions between China and the US. At the close of local trade, benchmark Brent crude futures quoted 0.4 percent lower at $70.45pb. Crude prices traded little changed during Asian trade this morning.
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