File image: IOL
File image: IOL

Rand trades little changed overnight

Time of article published Aug 6, 2020

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Compiled by Dhivana Rajgopaul

JOHANNESBURG - It was an inside day for the rand as a lack of data releases on the domestic front failed to provide any direction according to NKC Research.

That said, the South African currency managed to eke out a slight gain against the USD as investors worried that a United States economic recovery might lag other countries due to the high infection rate. At the close of local trade, the rand quoted 0.35 percent stronger at R17.29/$, after trading in range of R17.17/$ - R17.43/$. The rand traded little changed overnight, and today’s session will likely be a quiet one as market participants sit on their hands in anticipation of tomorrow’s US jobs report. Expected range today R17.15/$ - R17.40/$.

South African bourse

The JSE All Share (+2.45 percent) ended higher yesterday, led by gains in large gold mining stocks (+6.03 percent). Gold Fields experienced a 7.78 percent surge in its stock price after the mining house said the burgeoning gold price could push up half-year profits by more than 300 percent. In the overall emerging market sphere, the MSCI Emerging Market Index (+1.23 percent) traded higher.

Brent crude oil

The Brent oil price kept climbing higher yesterday, thanks to a weaker greenback and an 8.6 million drop in US crude stockpiles last week. At the close of local trade, benchmark Brent crude futures quoted 3.6 percent stronger at $45.99pb. Crude prices traded flat during Asian trade this morning.

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