JOHANNESBURG - The South African rand benefited from a softer greenback yesterday as US stock markets rallied according to NKC Research.
This paved the way for the local unit to rise under the cover of cautious risk appetite as a jump in infections across the globe was eclipsed by optimism on global growth recovery potential. Having sad that, on the domestic data front we expect to see signs of strain in industry during April. At the close of local trade, the rand quoted 0.90 percent stronger at R17.01/$, after trading in range of R16.97/$ - R17.21/$. The rand extended gains overnight. Expected range today R16.85/$ - R17.10/$.
South African bourse
The JSE All Share (+1.13 percent) roared higher yesterday as shares rose across the board – large platinum (+5.82 percent) and gold (+3.49 percent) mining stocks shone particularly bright thanks to firmer precious metals prices. In local news, embattled Steinhoff (-2.02 percent) agreed to sell its shares in French furniture retailer Conforama France to another European retailer. In the overall emerging market sphere, the MSCI Emerging Market Index rose by 1.67 percent.
Brent crude oil
The Brent oil price strengthened in line with rising US stocks; however, a build-up in US crude inventories and increasing coronavirus cases kept a lid on gains. At the close of local trade, benchmark Brent crude futures quoted 0.49 percent firmer at $43.14pb. Crude prices traded little changed during Asian trade this morning.