JOHANNESBURG - The rand dipped lower against the US dollar during European trade yesterday according to NKC Research.
The South African currency appeared stable during early trade, but a stronger looking greenback caused the rand to slip slightly and extend on Friday’s losses. Looking at other emerging market currencies: the rouble hit a six-week high against the US dollar, thanks to higher oil prices; while China's yuan weakened somewhat as markets digested data showing the world’s second-largest economy was cooling. At the close of local trade, the rand quoted 0.2 percent weaker at R13.86/$, after trading in the range of R13.82/$ - R13.91/$. The rand traded slightly weaker overnight. Expected range today R13.75/$ - R13.95/$.
South African bourse
The JSE All Share (+0.8 percent) ended higher yesterday led by gains in large consumer goods (+1.6 percent) and technology (+0.4 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.05 percent) traded marginally higher. In local news, Shoprite (-2.1 percent) said it would appeal against an R20m fine that was handed to its ticket-selling subsidiary Computicket by South Africa’s Competition Tribunal.
Brent crude oil
The Brent oil price continued higher yesterday, despite the Chinese economy slowing to a 28-year low during the last quarter of 2018. At the close of local trade, the Brent oil price quoted 0.24 percent higher at $62.95/pb. Crude prices traded slightly weaker during Asian trade this morning.
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