File image: IOL
File image: IOL

JOHANNESBURG - The rand edged stronger against the greenback during European trade yesterday according to NKC Research. 

The South African currency came under pressure early in the session, as a contraction in Chinese exports dampened demand for emerging-market assets. However, a resilient performance by the rand late in the day saw the local currency recover most of its earlier losses. At the close of local trade, the rand quoted 0.5 percent stronger at R13.83/$, after trading in the range of R13.81/$ - R13.96/$. The rand traded stronger overnight amid USD softness. Expected range today R13.60/$ - R13.90/$.

South African bourse

The JSE All Share (-0.3 percent) ended lower yesterday dragged by losses in large general retail (-1.4 percent) and technology (-0.6 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.8 percent) traded lower. In local news, Sibanye Gold (-2.6 percent) shares ended lower yesterday as the Association of Mineworkers and Construction Union (Amcu) said that nearly 12,500 of its members would go on strike at the mine’s platinum operations.

Brent crude oil

The Brent oil price remained stable after disappointing Chines trade figures rekindled fears of a slowdown in the world’s second-largest economy. At the close of local trade, the Brent oil price quoted 0.5 percent higher at $60.23/pb. Crude prices traded lower during Asian trade this morning.

Like Business Report on Facebook by clicking here or follow us on Twitter @Busrep.

You can also follow the Business Report on Instagram here