JOHANNESBURG – The rand trade traded steady during European trade yesterday, holding on to some of the weekend gains according to NKC Research.
The South African currency started the day on a firmer footing on the back of news that the US and China have reached a trade war truce over the weekend. However, the rand bounced off technically overbought levels, after touching its strongest levels in nearly four months, as traders look ahead to South Africa’s Q3 GDP data released on Tuesday. At the close of local trade, the rand quoted 0.5 percent stronger at R13.68/$, after trading in the range of R13.58/$ – R13.77/$. The rand traded flat overnight. Expected range today R13.50/$ – R13.80/$.
South African bourse
The JSE All Share (+2.8 percent) ended higher yesterday led by gains in across the board. In the overall emerging market sphere, the MSCI Emerging Market Index (+2.3 percent) traded higher. In local news, Sasol (+6.8 percent) stood out after its shares rose on the back of a buyout oil price.
Brent crude oil
The Brent crude oil price traded sharply yesterday, as easing trade tensions dictated most of the crude’s price movement. At the close of local trade, the Brent oil price quoted 1.1 percent lower at $61.70/pb. Crude oil prices traded higher during Asian trade this morning – the Brent oil price breached $62/pb.
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