WATCH: Rand dips weaker overnight
JOHANNESBURG - The South African currency garnered support from US-Sino trade talk optimism to inch firmer, outweighing concerns related to a weak industrial data release from China according to NKC Research.
US President Trump’s assertion that the phase-1 deal is in the final stages stoked optimism for a speedy resolution of the ongoing trade dispute, although markets remain cautious of the highly volatile nature of negotiation proceedings. At close of local trade, the rand quoted 0.70 percent stronger at R14.72/$. The rand dipped weaker overnight. The expected range of the rand against the greenback today is R14.65/$ - R14.95/$.
South African bourse
The JSE All Share (+0.21 percent) ended on a firmer footing yesterday, as the bourse tracked global stock markets higher. Meanwhile, Woolworths (-4.85 percent) – in a trading update for the 20 weeks ended 17 November 2019 – reported a 2.2 percent rise in group sales. The retailer noted that domestic sales fared well, but its Australian department store chain, David Jones, continued to struggle. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.49 percent) traded higher.
Brent crude oil
The Brent oil price continued higher yesterday, on the back of improved trade deal optimism, after President Trump said a US-China trade deal is in its “final throes.” At the close of local trade, benchmark Brent crude futures quoted 0.12 percent higher at $64.26pb. Crude prices traded softer during Asian trade this morning.
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