File image: IOL
File image: IOL

JOHANNESBURG - The rand whipsawed against the US dollar during yesterday’s European trading session according to NKC Research. 

The South African currency strengthened in early trade on the back of broad greenback weakness but pared gains due to reduced risk sentiment after Russia captured some Ukrainian naval vessels. At the close of local trade, the rand quoted 0.2 percent weaker at R13.84/$, after trading in the range of R13.72/$ - R13.91/$. The rand traded slightly weaker overnight. Expected range today R13.75/$ - R14.05/$.

South African bourse

The JSE All Share (+2 percent) ended higher yesterday led by gains in large retail (+3.6 percent) and industrial (+2 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.76 percent) traded higher. In local news, Pepkor (+7.6 percent) was fined by the JSE for not adhering to its listing requirements. However, the retail group’s (whose chains include Pep, Ackermans and Tekkie Town) shares were up after it released its 2018 financial year results, which showed an 11 percent increase in group sales.

Brent crude oil

The Brent oil price traded somewhat higher yesterday, bouncing off one-year lows despite concerns over an increasing oil supply glut. At the close of local trade, the Brent oil price quoted 1 percent higher at $60.52/pb. Crude prices traded flat during Asian trade this morning.

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