WATCH: Rand traded in a tight range against US dollar

JOHANNESBURG – The rand traded in a tight range against the US dollar during Friday’s European trading session. The South African currency started the day on the back foot due to somewhat disappointing Chinese data releases overnight. However, the rand later recovered some ground on the back of greenback softness as improved US equity prices reduced the safe-haven demand for US dollars. At the close of local trade, the rand quoted 0.3 percent weaker at R14.40/$, after trading in the range of R14.32/$ – R14.46/$. The rand traded slightly stronger this morning. Expected range today R14.20/$ – R14.50/$.

South African bourse

The JSE All Share (-0.1 percent) ended weaker on Friday dragged by losses in large industrial (-1.1 percent) and technology (-0.9 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.06 percent) traded marginally higher. In local news, Clover (+18.4 percent) shares rose to its highest in nearly two months after the dairy company said that it is in talks with an unnamed firm that intends to acquire all its shares.