JOHANNESBURG - The rand’s battering continued on Friday as sentiment soured after indications last week that plans for central bank nationalisation will go forward according to NKC Research.
The local unit traded close to a nine-week low against the greenback, as domestic woes including struggling Eskom and a war of words between the central bank governor and president on central bank independence weighed. At the close of local trade, the rand quoted 0.5 percent stronger at R14.44/$, after trading in range of R14.42/$ - R14.58/$. The rand traded little changed overnight. Expected range today R14.30/$ - R14.55/$.
South African bourse
The JSE All Share (-0.7 percent) ended lower dragged by losses in large technology (-1.9 percent) and mining (-0.6 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-1.3 percent) traded higher/lower. In local news, Aspen (-28.7 percent) shares nosedived to R70 per share on Friday, after the drug maker’s interim results disappointed the market, but prices recovered somewhat later in the day to around R100 per share.
Brent crude oil
The Brent oil price fell on Friday after the ECB warned about continued economic weakness while surging US crude output further unsettled markets. At the close of local trade, benchmark Brent crude futures quoted 2.4 percent lower at $64.30pb. Crude prices rebounded during Asian trade.
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