JOHANNESBURG - The rand edged stronger against the US dollar during European trade on Friday according to NKC Research.
The South African currency continued to benefit from improved risk sentiment, despite a late greenback rally, as investors betted that US-Sino trade relations would improve and that the Chinese government would do more to shore up the economy. At the close of local trade, the rand quoted 0.2 percent stronger at R14.28/$, after trading in the range of R14.23/$ - R14.46/$. The rand traded in a thin range this morning. Expected range today R14.20/$ - R14.40/$.
South African bourse
The JSE All Share (+1.35 percent) ended Friday on the front-foot led by gains in large industrial (+2.4 percent) and property (+1.8 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+2.6 percent) traded higher. In local news, Vodacom (+2.2 percent) shares managed to end the week on a firmer footing after Safaricom (of which Vodacom owns about 35 percent) first-half revenue jumped higher by 7.7 percent.
Brent crude oil
The Brent oil price fell at the end of last week after Washington granted numerous countries sanctions waivers that allows them to continue to import crude from Iran. At the close of local trade, the Brent oil price quoted 0.8 percent lower at $72.65/pb. Crude prices traded slightly lower during Asian trade this morning.
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