JOHANNESBURG – The rand recovered during European trade on Friday according to NKC Research.
Emerging market currencies that sold-off sharply in recent weeks such as the rand, lira and Argentinian peso regained some lost ground. The South African brushed off very robust US jobs data, which boosted the trade-weighted US dollar. At the close of local trade, the rand quoted 1.1 percent stronger at R15.13/$, after trading in the range of R15.07/$ - R15.36/$. The rand traded slightly weaker this morning. Expected range today R15.10/$ - R15.40/$.
South African bourse
The JSE All Share (-0.1 percent) ended lower on Friday dragged by losses in large mining (-2.8 percent) consumer goods (-1.1 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.5 percent) traded higher. In local news, most mining shares felt the pressure of the stronger rand, with Anglo American (-4 percent), Glencore (-3.7 percent) and down nearly 4 percent and Implats (-3.5 percent) all down on Friday.
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