JOHANNESBURG – The rand whipsawed lower yesterday amid ongoing power outages across the country according to NKC Research.
Meanwhile, broad-based greenback weakness in anticipation of a market-supportive Fed lifted high yielding and commodity-linked currencies. With the spotlight this week on the FOMC meeting, we expect some guidance pointing towards a rate increase in Q3 2019. At the close of local trade, the rand quoted 0.1 percent weaker at R14.43/$, after trading in range of R14.36/$ – R14.48/$. The rand traded little changed overnight. Expected range today R14.30/$ – R14.50/$.
South African bourse
The JSE All Share (+1.3 percent) ended higher yesterday, led by gains across the board. Technology (+2.8 percent) and mining (+2.1 percent) shares provided the biggest boost. In the overall emerging market sphere, the MSCI Emerging Market Index (+1.1 percent) traded higher. In local news, Steinhoff (+7.1 percent) shares ended in positive territory after company chairman and major shareholder Christo Wiese said yesterday that he is open to negotiations over his $4bn claim against embattled retailer.
Brent crude oil
The Brent oil price traded higher yesterday as Opec-led supply cuts pushed crude beyond the $67pb level. At the close of local trade, the Brent oil price quoted 0.7 percent higher at $67.57pb. Crude prices rose during Asian trade.
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