JOHANNESBURG - The rand strengthened against the US dollar during yesterday’s European trading session according to NKC Research.
The South African currency advanced thanks to broad greenback weakness as the recently announced US tariffs on $200bn-worth of Chinese goods and anticipated countermeasures are feared to hurt US growth. Hopes that China could increase economic stimulus to soften the blow of the higher US tariffs also supported some emerging market currencies. At the close of local trade, the rand quoted 0.5 percent stronger at R14.83/$, after trading in the range of R14.83/$ - R15.00/$. The rand traded little changed overnight. Expected range today R14.70/$ - R14.95/$.
South African bourse
The JSE All Share (+0.1 percent) ended higher yesterday, with a largely positive performance visible accords with the board. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.3 percent) traded higher. In local news, Sasol (-2.7 percent) shares were lower amid an ongoing dispute with trade union Solidarity, which has accused chemical giant of excluding white employees from the Sasol Khanyisa Phase 2 share scheme.
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