JOHANNESBURG - The rand slipped on Friday according to NKC Research.
The rand failed to consolidate on momentum offered by a decidedly dovish FOMC announcement earlier last week as the South African economy was hit with additional concerns regarding the growth outlook, combined with negative spillover effects as it tracked a weaker euro.
Power outages at embattled Eskom continued to weigh on sentiment. At the close of local trade, the rand quoted 1.8 percent weaker at R14.48/$, after trading in a range of R14.18/$ - R14.50/$. The rand traded weaker overnight. Expected range today R14.35/$ - R14.60/$.
South African bourse
The JSE All Share (-0.5 percent) ended lower on Friday dragged by large retailers (-2.2 percent) but large gold mining (+5.6 percent) shares held firm. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.9 percent) traded lower. On the local front, mining houses AngloGold Ashanti (+6.2 percent), Gold Fields (+5.5 percent) and Harmony Gold (+4.4 percent) shone on Friday on the back of higher precious metal prices.
Brent crude oil
The Brent oil price continued to slip from 2019 peaks on Friday, weighed down by global economic concerns and ongoing uncertainty over the Sino-US trade talks. At the close of local trade, benchmark Brent crude futures quoted 1.5 percent lower at $66.79pb. Crude was weaker this morning.
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