JOHANNESBURG – The rand dipped weaker against the USD during yesterday’s European trading session according to NKC Research.
In the absence of any major local data releases, the South African currency pulled back from some of its strongest levels in almost six months, as the trade-weighted US dollar advanced. EM currencies were softer in general, as the yuan slipped against the US dollar with Chinese markets shut for the week due to the Lunar New Year. At close of local trade, the rand quoted 0.3 percent weaker at R13.40/$, after trading in range of R13.33/$ – R13.42/$. The rand traded flat overnight. Expected range today R13.30/$ – R13.50/$.
South African bourse
The JSE All Share (-0.8 percent) ended lower yesterday, sustaining losses across the board, most notably from large retail (-4.0 percent) and technology (-3.4 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.2 percent) traded lower. In local news, MTN (-2.5 percent) shares seemed to be relatively unaffected by news that the telecoms giant expects to see a 20 percent y-o-y improvement in earnings per share during 2018. Meanwhile, its rival Vodacom (-3.1 percent) languished amid the ‘Please Call Me’ saga.
Brent crude oil
The Brent oil price fell from a two-month high yesterday. Concerns over a slowing global economy dampened demand for oil. At close of local trade, the Brent oil price quoted 1.0 percent lower at $62.06pb. Crude prices traded slightly higher during Asian trade this morning.
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