WATCH: Rand extends gains overnight
JOHANNESBURG - The South African currency advanced despite the US-Sino trade impasse weighing on risk sentiment, and ongoing anti-government protests in Hong Kong according to NKC Research.
Moreover, local mining production failed to inspire confidence for economic recovery. However, the local unit gained after the trade-weighted dollar sunk against a basket of currencies. At the close of local trade, the rand quoted 0.77 percent stronger at R14.82/$, after trading in range of R14.82/$ - R14.97/$. The rand extended gains overnight. Expected range today R14.70/$ - R14.90/$.
South African bourse
The JSE All Share (-0.18 percent) ended lower yesterday, in line with weak appetite for riskier assets. In local news, Mediclinic (-0.69 percent) – dual listed in Johannesburg and London – posted a 4 percent rise in half-year core earnings during the period ended 30 September 2019. The private hospital group’s earnings before interest, tax, depreciation and amortisation (EBITDA) climbed to £222m compared to last year’s £213m. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.15 percent traded lower.
Brent crude oil
The Brent oil price traded on a firmer footing yesterday after industry data showed an unexpected decline in US crude inventories, while OPEC remarks about lower-than-expected US shale output in 2020 added additional support. At the close of local trade, benchmark Brent crude futures quoted 0.14 percent higher at $62.89pb. Crude prices ticked firmer during Asian trade this morning.
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