JOHANNESBURG - The rand initially garnered support from favourable manufacturing data releases on Chinese soil while Moody’s decision to delay a rating announcement provided a sigh of relief for investors – causing the rand to extend gains until late in the session according to NKC Research.
At the close of local trade, the rand quoted 1.0 percent stronger at R14.15/$ (highest in a week), after trading in range of R14.15/$ - R14.49/$. The rand traded slightly weaker overnight. Expected range today R14.10/$ - R14.30/$.
South African bourse
The JSE All Share (Alsi) ended 1.2 percent higher yesterday led by gains in financial (+2.3 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+1.1 percent) traded higher. In local news, Coronation (+7.3 percent), Absa (+4.5 percent) and Standard Bank (+4.5 percent) were among the best performers yesterday providing the Alsi with the boost it needed.
Brent crude oil
The Brent oil price traded higher yesterday, buoyed by positive Chinese factory data and signs of progress over trade talks between Washington and Beijing. At te close of local trade, benchmark Brent crude futures quoted 0.2 percent higher at $68.43pb. Crude prices traded firmer during Asian trade this morning.