File image: IOL

JOHANNESBURG - After recovering some of its losses from the previous day during early trade on Thursday, the South African rand continued to succumb to depreciatory pressure amid a weak local job data release according to NKC Research. 

The rand strengthened to around R14.92/$ by mid-day thanks to optimism regarding a resolution to the US-China trade war, which helped lift emerging market FX. However, following the release of weak job data in South Africa, the rand reverted to its depreciatory trend, teetering just near the R15/$ mark threshold near the end of the trading day. At the close of local trade, the rand quoted 0.29 percent weaker at R15.02/$, after trading in range of R14.93/$ - R15.08/$. The rand traded little changed overnight. Expected range today R14.85/$ - R15.15/$.

South African bourse

The JSE All Share (+0.72 percent) advanced yesterday, led by gains in large banking stocks after the Labour Court blocked what would have been the largest banking strike in almost 100 years. In local news, Capitec (+0.44 percent) reported a 20 percent profit for the six months ended 31 August 2019. Results were in line with expectations, with earnings buoyed by robust customer growth. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.37 percent) traded higher.

Brent crude oil

The Brent oil price traded lower yesterday, weighed down by geopolitics and fading supply concerns after Saudi Arabia moved to quickly restore crude output. At the close of local trade, benchmark Brent crude futures quoted 1.16 percent lower at $61.61pb. Crude prices whipsawed during Asian trade this morning.


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