File image: IOL
File image: IOL

WATCH: Rand edges slightly stronger overnight

By Compiled by Dhivana Rajgopaul Time of article published Oct 9, 2019

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JOHANNESBURG - The South African currency ran out of steam as the trading session progressed according to NKC Research. 

While the White House confirmed on Monday that talks will go ahead on October 10, a decision subsequently to blacklist Chinese companies as punishment for Beijing’s treatment of ethnic minorities dimmed prospects that a meeting will come to fruition. Geopolitical risks in Turkey, mostly surrounding the possibility of military action in Syria, furthermore dampened risk appetite, albeit to a lesser extent than on Monday. At the close of local trade, the rand quoted 0.82 percent weaker at R15.26/$, after trading in range of R15.09/$ - R15.30/$. The rand edged slightly stronger overnight. Expected range today R15.10/$ - R15.45/$.

South African bourse

The JSE All Share (-0.33 percent) ended lower yesterday, as optimism around the upcoming Sino-US trade talks faded. There weren’t any major developments on the South African equity front, but firmer precious metal prices carried local gold (+1.82 percent) and platinum (+1.00 percent) mining stocks higher. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.02 percent) was basically unchanged.

Brent crude oil

The Brent oil price traded lower yesterday, shrugging off unrest in Iraq and Ecuador – which could lead to supply implications – after Washington’s decision to blacklist more Chinese companies unnerved traders. At the close of local trade, benchmark Brent crude futures quoted 0.88 percent lower at $58.27pb. Crude prices traded flat overnight. 

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