Rand remains under pressure
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THE rand was caught between opposing forces as violent looting entered a sixth day, but external tailwinds provided some shelter while technical resistance allowed the local unit to recover some losses later during the session, according to NKC Research.
At the close of local trade, the rand quoted 1.1 percent stronger at R14.58/$, after trading in the range of R14.55/$ – R14.79/$. The rand strengthened overnight. The expected range of the rand against the dollar today is R14.40/$ – R14.70/$.s. The JP Morgan EMBI Global Diversified Index (+0.08 percent) increased slightly.
South African bourse
The JSE All Share (+1.21 percent) ended higher yesterday, as gains were seen across the board specifically in technology stocks (+2.22 percent). The MSCI Emerging Market Index (-0.10 percent) traded on the back foot.
Brent crude oil
The Brent oil price traded lower yesterday after Saudi Arabia and the UAE reached an agreement that the latter will be allowed to increase its baseline production. Final deliberations are still under way. At the close of local trade, benchmark Brent crude futures quoted 0.35 percent lower at $76.13pb.
BUSINESS REPORT ONLINE