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JOHANNESBURG – The rand whipsawed yesterday, surrendering initial gains late in the European session as the greenback flexed its muscles according to NKC Research.
Concerns regarding the strength of the domestic economy was further clouded by uncertainty surrounding the US-Sino trade agreement. In terms of global risk sentiment, the escalation of trade tensions vis-à-vis China will hurt most households in the US. At the close of local trade, the rand quoted 0.1 percent stronger at R14.22/$, after trading in range of R14.13/$ – R14.27/$. The rand dipped overnight. Expected range today R14.15/$ – R14.45/$
South African bourse
The JSE All Share (+0.9 percent) ended higher yesterday, as it tracked European and US stock markets higher. Meanwhile, in the overall emerging market sphere, the MSCI Emerging Market Index (-0.5 percent) traded lower. In local news, Tongaat Hulett (+2.3 percent) announced yesterday that it was looking to negotiate a standstill agreement with its lenders, as the local sugar producer struggles to restore confidence following a profit warning in February 2019.
Brent crude oil
The Brent oil price breached $73/pb as it shot up yesterday, amid fears of supply disruption due to heightened tensions in the Middle East. At the close of local trade, benchmark Brent crude futures quoted 1.5 percent higher at $73.24pb. Crude prices traded weaker during Asian trade this morning.
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