JOHANNESBURG – The rand traded on the front foot during the European session, benefiting from improving risk sentiment yesterday as trade tensions between the US and Mexico eased according to NKC Research.
The local unit partially clawed back losses suffered over a tumultuous previous week, firming to dip below the psychological R15/$ threshold. At the close of local trade, the rand quoted 1.1 percent stronger at R14.78/$, after trading in range of R14.78/$ – R14.98/$. The rand oscillated in a tight range overnight. Expected range today R14.65/$ – R14.90/$.
South African bourse
The JSE All Share (+0.6 percent) ended in the black yesterday, tracking global stock indices higher. In the overall emerging market sphere, the MSCI Emerging Market Index (+1.5 percent) traded higher. In local news, Tongaat Hulett’s securities have been suspended from trade on both the JSE and LSE amid an investigation after the sugar maker announced earlier that it may need to restate financial results. Tongaat’s latest announcement, which follows Steinhoff’s (-0.7 percent) financial scandal in 2017, has sparked concerns and is spurring more scrutiny of auditors.
Brent crude oil
The Brent oil price traded in a narrow band yesterday with Russia and Saudi Arabia yet to agree on extending a deal to cut output, while Sino-US trade tensions continue to simmer. At the close of local trade, benchmark Brent crude futures quoted 0.4 percent lower at $63.31pb. Crude prices dipped lower during Asian trade this morning.
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