File Photo: IOL
File Photo: IOL

WATCH: Rand eases overnight

By Compiled by Dhivana Rajgopaul Time of article published Nov 12, 2019

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JOHANNESBURG - The South African currency eased in tandem with broad emerging market sentiment in the aftermath of Hong Kong unrest and domestic power capacity woes according to NKC Research. 

Escalating tensions in Hong Kong and US-Sino trade uncertainty again dominated the news flow as US President Trump’s comments over the weekend drew into question whether a phase 1 trade deal was actually near completion. That said, a weaker greenback did offer the local unit some reprieve late in the day. At the close of local trade, the rand quoted 0.38 percent stronger at R14.85/$, after trading in range of R14.85/$ - R14.94/$. The rand eased overnight. Expected range today R14.80/$ - R15.10/$.

South African bourse

The JSE All Share (-0.78 percent) followed global stock indices lower in risk-off trade yesterday. Meanwhile, Vodacom’s (-0.36 percent) share price whipsawed as the local mobile operator reported an 18.9 percent rise in profits for the six months ended 30 September 2019. In the overall emerging market sphere, the MSCI Emerging Market Index (-1.12 percent) traded lower.

Brent crude oil

The Brent oil price hovered above the $60 level for most of the day as President Donald Trump appeared unwilling to lift tariffs on Chinese imports. Brent crude futures gained momentum in late trade, quoting 0.69 percent higher at $62.40pb. Crude prices traded steady during Asian trade this morning. 

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