Rand trades in a narrow band overnight
JOHANNESBURG - The rand remained on track for a weekly loss of more than 2 percent against the dollar on Friday, as a stronger greenback and higher borrowing cost weighed on risk appetite according to NKC Research.
Meanwhile, US treasury yields steadied at the end of last week as the market sold off initially, following a stronger non-farm payrolls release, but mild short-covering kicked in as selling dried up after 7-year and 10-year yields ticked above last week’s highs.
At the close of local trade, the rand quoted 0.37 percent weaker at R15.34/$, after trading in range of R15.23/$ - R15.40/$. The rand traded in a narrow band overnight. The expected range of the rand against the dollar today is R15.20/$ - R15.50/$.
South African bourse
The JSE All Share (+0.78 percent) ended higher on Friday led by a 13.95 percent surge in Sasol stock as crude prices continue to soar. In the overall emerging market sphere, the MSCI Emerging Market Index (-1.22 percent) traded in the red.
Brent crude oil
The Brent oil price rose to its highest level in 14 months following Opec’s decision to not ramp up oil supply next month. At the close of local trade, benchmark Brent crude futures quoted 2.31 percent higher at $69.02pb. Crude prices broke through the $70-level during Asian trade this morning.