WATCH: Rand trades steady during European trade

JOHANNESBURG – The rand traded steady during European trade on Friday, holding on to some of the week’s impressive gains according to NKC Research. 

The South African currency consolidated, seemingly unaffected by somewhat disappointing PMI figures for January. Emerging market currencies traded choppy amid disappointing Chinese manufacturing data and positive news of progress relating to Sino-US trade talks. At the close of local trade, ZAR quoted 0.4 percent weaker at R13.34/$, after trading in range of R13.25/$ – R13.37/$. ZAR traded slightly weaker this morning in the wake of stronger-than-expected US employment figures released late on Friday. Expected range today R13.30/$ – R13.50/$.

South African bourse

The JSE All Share (-0.4 percent) ended lower on Friday dragged by losses in large industrial (-0.6 percent) and listed property (0.4 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.03 percent) traded flat. In local news, Glencore (-1.2 percent) said 2018’s cobalt production soared by 54 percent and copper output increased by 11 percent as operations resumed in the Democratic Republic of Congo.

Brent crude oil

The Brent oil price was lifted on Friday by the prospect that the US and China could soon settle a long-drawn-out dispute over trade. At close of local trade, benchmark Brent crude futures prices quoted 1.3 percent higher at $61.62pb. Crude prices traded higher during Asian trade this morning.

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