JOHANNESBURG - The rand weakened against the US dollar during European trade on Friday according to NKC Research.
The South African currency extended losses as it breached the crucial R14/$ level in early trade. An abrupt rise in geopolitical tensions this past week has precipitated a risk-off mood that has dampened emerging market sentiment, which drove investors towards safe-haven currencies such as the US dollar, Japanese yen and Swiss franc. At the close of local trade, the rand quoted 0.4 percent weaker at R14.14/$, after trading in range of R14.07/$ - R14.19/$. The rand strengthened during early morning trade. Expected range today R14.00/$ - R14.30/$.
South African bourse
The JSE All Share (+0.5 percent) ended higher Friday, in line with a broad recovery in global stock markets, led primarily by gains in large consumer goods (+3.0 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.1 percent) traded higher. In local news, MTN’s (-5.4 percent) share price took a tumble on Friday after Africa’s biggest mobile phone operator made announcements over expected profits for 2018, which disappointed market expectations.
Brent crude oil
The Brent oil price fell on Friday due to concerns over soaring US output and a global economic slowdown. At the close of local trade, the Brent oil price quoted 0.6 percent lower at $66.37pb. Crude prices steadied during Asian trade this morning.
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