JOHANNESBURG - The rand edged stronger against the US dollar during yesterday’s European trading session according to NKC Research.
The South African currency reversed Wednesday’s losses and was one of the top-performing EM currencies amid greenback weakness and lower US bond yields. On the local data front, the rand received some support from slightly-better-than-expected South African manufacturing production data for August. At the close of local trade, the rand quoted 0.7 percent stronger at R14.63/$, after trading in the range of R14.53/$ - R14.78/$. The rand traded slightly stronger overnight. Expected range today R14.35/$ - R14.70/$
South African bourse
The JSE All Share (-1.1 percent) ended lower yesterday dragged by losses in large technology (-3.1 percent) and consumer goods (-1.9 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-3.2 percent) traded sharply lower. In local news, Sanlam (-3.7 percent ) shares slumped after it sealed a $1.1bn deal to acquire Moroccan insurance firm SAHAM Finances, marking Sanlam’s biggest acquisition to date.
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