JOHANNESBURG - The rand edged stronger during European trade yesterday according to NKC Research.
South Africa traded stronger on the back of optimism that the impact of the US-China trade war on emerging market might not be as severe as previously feared, while lower-than-expected South African August inflation figures were also encouraging for foreign bond inflows.
However, the rand gave up some these gains in late European trade due to renewed greenback strength. At the close of local trade, the range quoted 1.2% stronger at R14.65/$, after trading in the range of R14.62/$ - R14.92/$. The rand traded flat overnight. Expected range today R14.50/$ - R14.85/$.
South African bourse
The JSE All Share (+0.11 percent) ended higher yesterday led by gains in large mining (+2.1 percent) and general retail (+1.4 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+1.1 percent) traded higher. In local news, Aspen (-8 percent) shares trade lower yesterday despite the drug maker’s attempts to calm investor’s nerves following last week’s announcement that it would sell its baby-formula unit at a price the market perceived to be on the low side.
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