Compiled by Dhivana Rajgopaul
JOHANNESBURG - The South African currency started the week out stronger but surrender early gains in the afternoon according to NKC Research.
The rand failed to fully benefit from thawing risk aversion on the back of US fiscal stimulus hopes. On the global front, world trade rebounded to 94 percent of its 2019 average in July but not everybody is sharing in this recovery equally. China was the first to spring back to its feet – exports are now higher than ever – while most advanced economies and even some of the emerging market export powerhouses are struggling to catch up.
At the close of local trade, the rand quoted 0.19 percent weaker at R16.46/$, after trading in range of R16.36/$ - R16.54/$. The local unit edged stronger overnight. Expected range today R16.35/$ - R16.70/$.
South African bourse
The JSE All Share (+0.56 percent) ended higher yesterday led by gains in large consumer goods (+2.98 percent) and industrial (+1.04 percent) stocks. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.89 percent) also traded higher.
Brent crude oil
The Brent oil price rallied yesterday, tracking rising stock markets across the globe, as the global risk mood improved after doctors said US President Donald Trump could soon be discharged from the hospital. At the close of local trade, benchmark Brent crude futures quoted 3.26 percent higher at $41.50pb. Crude prices traded steady during Asian trade.