JOHANNESBURG - The rand remained near recent lows in cautious anticipation of Moody’s credit rating action on Friday according to NKC Research.
The local unit garnered support from external factors as better-than-expected Chinese factory activity data – as manufacturing activity unexpectedly quickened to a two-year high in October – spurred global risk appetite. At the close of local trade, the rand quoted 0.09 percent stronger at R15.06/$, after trading in range of R15.05/$ - R15.16/$. The local unit regained traction during the Asian trading session, on the back of US-China trade optimism. Expected range today R14.70/$ - R15.00/$.
South African bourse
The JSE All Share (+0.40 percent) advanced on Friday, tracking global stock markets higher. Prominent rand hedges, Richemont (+0.88 percent), BHP Billiton (+1.44 percent) and British American Tobacco (+0.65 percent) were up ahead of Moody’s credit rating announcement. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.69 percent) traded higher.
Brent crude oil