Photo: File
Photo: File

Rand trades little changed overnight

Time of article published Aug 14, 2020

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Compiled by Dhivana Rajgopaul

JOHANNESBURG - The South African currency shrugged off a weak mining production release and the return of power cuts while a stalemate on US fiscal stimulus clipped the greenback according to NKC Research.

The softer dollar helped the local unit to advance, but the start of stage-2 load-shedding, which is set to continue today, kept a lid on rand gains. At the close of local trade, the rand quoted 0.42 percent stronger at R17.40/$, after trading in range of R17.37/$ - R17.50/$. The rand traded little changed overnight. Expected range today R17.15/$ - R17.60/$.

South African bourse

The JSE All Share (up 0.59 percent y-t-d) traded steady yesterday as it has done throughout the week. In local news, Coal miner Exxaro (-2.68 percent) reported a 40 percent jump in core earnings thanks to increased volumes of sales to Eskom and a 39 percent rise in export volumes during the six months ended June. Absa stock (-0.77 percent) languished in the red after the local lender warned of a steep drop in half-year profits as a result of the coronavirus. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.20 percent) traded on the front foot.

Brent crude oil

The Brent oil price began yesterday’s European trading session on a steady footing but ran out of momentum towards the end of the day. The International Energy Agency lowered its 2020 oil demand forecast as a result of unprecedented travel restrictions due to Covid-19. At the close of local trade, benchmark Brent crude futures quoted 0.02 percent firmer at $45.33pb. Crude prices looked to regain overnight losses early this morning.

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