WATCH: Rand extends gains overnight

JOHANNESBURG – The rand traded on a firmer footing during the European session yesterday according to NKC Research.

The rand was supported by a better-than-expected manufacturing activity release for April and improving external conditions as risk sentiment eased this week on the back of the US-Mexican trade agreement reached over the weekend. At the close of local trade, the rand quoted 0.7 percent stronger at R14.69/$, after trading in range of R14.65/$ – R14.83/$. The rand extended gains overnight. Expected range today R14.50/$ – R14.80/$.

South African bourse

The JSE All Share (+0.5 percent) had another solid performance yesterday, as it tracked global stock indices higher. In the overall emerging market sphere, the MSCI Emerging Market Index (+1.0 percent) traded higher. In its push for fintech companies, Naspers’s (-0.3 percent) PayU has agreed to buy Turkish digital payments company Iyzico for $165m, marking its biggest fintech acquisition to date.

Brent crude oil

The Brent oil price weakened late in the session yesterday, after trading in a tight range, as lingering China-US trade tensions continue to dampen demand. At the close of local trade, benchmark Brent crude futures quoted 0.9 percent lower at $62.20pb. Crude prices dipped lower during Asian trade this morning.

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