File image: IOL
File image: IOL

WATCH: Rand gains as global market mood improves

By Compiled by Dhivana Rajgopaul Time of article published May 6, 2020

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JOHANNESBURG - It was a mixed day on the global currency front as the South African rand rode the tailwinds of thawing emerging market risk appetite yesterday, shrugging off a slew of recent poor data releases accordimng to NKC Research. 

Risk appetite improved on the back of easing lockdowns in some countries, while a flare-up in Sino-US tensions weighed on emerging market sentiment. At close of local trade, the rand quoted 0.45 percent stronger at R18.37/$, after trading in range of R18.30/$ - R18.59/$. The rand traded on a slightly weaker footing early this morning. The expected range of the rand against the dollar today is R18.20/$ - R18.65/$.

South African bourse

The JSE All Share was unchanged yesterday, as gains in large telecom (+6.0 percent) and banking (+3.1 percent) stocks were mostly offset by losses in large gold (-4.8 percent) and platinum (-2.8 percent) mining shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.87 percent) traded firmer.

Brent crude oil

The Brent oil price scaled higher yesterday, fuelled by easing lockdowns across the globe as hopes grow that demand for fuel would soon start to pick up again. At the close of local trade, benchmark Brent crude futures quoted 4.78 percent higher at $29.73pb. The price of brent crude oil traded sideways during early morning Asian trade.

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