WATCH: Rand loses momentum against the dollar
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JOHANNESBURG – The rand traded weaker against the greenback during European trade yesterday according to NKC Research.
The South African currency strengthened early in the session but lost momentum as the day went on. Growing tensions between India and Pakistan prompted investors to seek out safe-haven currencies, including the Japanese yen and Swiss franc. At the close of local trade, the rand quoted 0.5 percent weaker at R13.91/$, after trading in range of R13.83/$ – R13.95/$. The rand slipped overnight. Expected range today R13.85/$ – R14.15/$.
South African bourse
The JSE All Share (+0.1 percent) ended slightly higher yesterday, mainly led by gains in large mining (+1.7 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.4 percent) traded lower. In local news, MultiChoice (+11 percent) shares rose to R106.50 in early trade, giving the group a market capitalisation of around R46.7bn. Shoprite (+1 percent) also did well yesterday, as the retailer continues to recover some of last month’s losses due to a negative profit warning.
Brent crude oil
The Brent oil price traded firmer yesterday thanks to an unexpected drop in US crude inventories, and after Opec seemed unmoved by pressure from President Trump to prevent prices from rising. At the close of local trade, benchmark Brent crude futures quoted 0.2 percent lower at $65.78pb. Crude prices steadied during Asian trade this morning.
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Source: iol.co.za
