File Image: IOL
File Image: IOL

JOHANNESBURG - The rand weakened to a five-day low against the greenback during European trade yesterday according to NKC Research.  

The South African currency fell along with other emerging market currencies as risk sentiment soured following sharp losses in global equity prices and heightened tensions in the EU-Italy budget standoff. At the close of local trade, the rand quoted 0.4 percent weaker at R14.12/$, after trading in a range of R13.99/$ - R14.14/$. The rand traded slightly stronger overnight. Expected range today R13.95/$ - R14.20/$.

South African bourse

The JSE All Share (-2.6 percent) ended sharply lower yesterday, with losses across the board, but technology and utility sector share fared the worst. In the overall emerging market sphere, the MSCI Emerging Market Index (-1.6 percent) traded lower. In local news, retailer Pepkor (-6.4 percent) said its full-year earnings are expected to fall by as much a 42 percent. Also, Tsogo Sun (-2.5 percent) said its headline earning per share for the six months ended September 2018 is expected to be between 26 percent and 28 percent lower. Naspers (-7.35 percent) also fell sharply, in line with the global tech rout.

Brent crude oil

The Brent oil price traded lower yesterday as concerns over the current rise in supply and a slowing global economy outweighed the prospect of future Opec supply cuts. At the close of local trade, the Brent oil price quoted 2.5 percent lower at $64.7/pb. Crude prices fell to $62/pb overnight but recovered somewhat early this morning.

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