Compiled by Dhivana Rajgopaul
JOHANNESBURG - The rand remained resilient on Friday as the trade-weighted dollar made some inroads towards recovering from two-year lows according to NKC Research.
While beating expectations, the US jobs report for August – the only significant item on the economic calendar ahead of the three-day holiday weekend in the US – however confirmed that the labour market has entered a frustratingly slower second phase of the recovery as payrolls rose by the least in four months, up 1.4 million, while private payrolls (excluding the one-time boost from 2020 census hiring) rose by only one million.
At the close of local trade, the rand quoted 0.64 percent stronger at R16.62/$, after trading in range of R16.55/$ - R16.82/$. The rand traded steady early this morning. Expected range today R16.40/$ - R16.75/$.
South African bourse
Losses in large technology (-3.88 percent) and industrial (-2.77 percent) stocks weighed down the JSE All Share (-1.18 percent) on Friday. In local news, Truworths International (4.69 percent) said its headline earnings per share (Heps) fell 28.2 percent during the full year ended June 2020. The retailer also said it will close around 58 loss-making Office shoe stores in the UK.
Brent crude oil
The Brent oil price fell at the end of last week due to weak fuel demand, and amid concerns of a sluggish global economic recovery. At the close of local trade, benchmark Brent crude futures quoted 1.74 percent lower at $42.95pb. Crude prices traded on the back foot during Asian trade this morning.