File image: IOL
File image: IOL

WATCH: Rand drops in line with euro weakness

By Compiled by Dhivana Rajgopaul Time of article published Nov 9, 2018

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JOHANNESBURG - The rand edged weaker versus the greenback during yesterday’s European trading session according to NKC Research.

The South African currency started the day on a firmer footing thanks to stronger-than-expected Chinese trade data, which briefly lifted emerging market sentiment, but the currency drifted weaker in line with euro weakness and disappointing South African mining and manufacturing production figures. At the close of local trade, the rand quoted 0.7 percent weaker at R14.01/$, after trading in the range of R13.88/$ - R14.03/$. The rand traded weaker overnight. Expected range today R14.00/$ - R14.30/$.

South African bourse

The JSE All Share (-1.2 percent) ended lower yesterday dragged by losses in large industrial (-0.9 percent) and property (-0.9 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.44 percent) traded lower. In local news, MTN (-2.9 percent) shares were down after the South African Reserve Bank cautioned that the company’s dispute with Nigerian authorities over $10bn in repatriated funds and back taxes, threatens South Africa’s financial stability.

Brent crude oil

The Brent oil price traded fell yesterday, as global crude supply appears to be increasing more quickly than initially expected. At the close of local trade, the Brent oil price quoted 1 percent lower at $71.34/pb. Crude prices traded lower during Asian trade this morning.

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