JOHANNESBURG - The rand boasted a more upbeat start to the trading session yesterday, taking direction from more robust risk appetite for high-yielding assets on the back of China stimulus signs according to NKC Research.
However, the South African unit failed to consolidate completely on a risk-on sentiment as traders remained cautious. Over the near term the rand will look towards tomorrow and Thursday’s local data publications for directional guidance. the rand quoted 0.5 percent stronger at R14.35/$, after trading in range of R14.33/$ - R14.45/$. The rand traded firmer overnight. Expected range today R14.10/$ - R14.35/$.
South African bourse
The JSE All Share (+0.2 percent) ended higher yesterday, led mainly by gains in large technology (+2.4 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+1.1 percent) traded higher. In local news, Old Mutual (-5.5 percent) shares declined yesterday after the company’s adjusted full-year profit for the year ended 31 December 2018 dropped by 12 percent – missing its 2018 targets.
Brent crude oil
The Brent oil price traded higher yesterday, after Saudi Arabia’s energy minister said that an end to Opec-led supply cuts was unlikely before June. Meanwhile, Baker Hughes’ latest weekly report provided further impetus, after it showed the number of US oil rigs fell to 834. At close of local trade, Brent crude futures quoted 0.6 percent lower at $66.36pb. Crude prices traded firmer during Asian trade.
You can also follow the Business Report on Instagram here
BUSINESS REPORT ONLINE