JOHANNESBURG - The rand extended losses against the US dollar during yesterday’s European trading session according to NKC Research.
The South African currency had a brief pause yesterday morning, after sustaining heavy losses in the previous session, but slipped on poor mining production data for December. Meanwhile, Eskom imposed a fifth day of power cuts on Thursday as the rand languished near a six-week low. At close of local trade, the rand quoted 1.1 percent weaker at R14.18/$, after trading in a range of R13.96/$ - R14.22/$. The rand eased overnight. Expected range today R14.00/$ - R14.30/$.
South African bourse
The JSE All Share (-0.03 percent) surrendered gains yesterday, after technology (-2.6 percent) and retail (-1.6 percent) shares dragged it down. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.3 percent) traded lower. In local news, Sibanye-Stillwater (+1.6 percent) announced that it had entered into consultation with stakeholders on restructuring its struggling gold mining operations, which could lead to the termination of more than 6,000 jobs.
Brent crude oil
The Brent oil price whipsawed lower yesterday with oil supply growth to outstrip demand in 2019, according to the International Energy Agency. At close of local trade, benchmark Brent crude futures quoted 0.6 percent lower at $63.75pb. Crude prices recovered during Asian trade this morning.
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