File image: IOL
File image: IOL

WATCH: Rand inches stronger overnight

By Compiled by Dhivana Rajgopaul Time of article published Nov 29, 2019

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JOHANNESBURG - The South African rand traded sideways during yesterday’s European session according to NKC Research. 

A gloomy domestic story remains largely dominated by external events, but the South African unit shrugged off increased uncertainty surrounding a US-Sino trade deal. The most recent bout of uncertainty stems from US President Donald Trump signing two bills supporting Hong Kong’s pro-democracy protesters. As expected, China’s foreign ministry condemned the move. On local soil, a benign producer price index inflation print suggests overall inflationary pressures may remain subdued for some time. At the close of local trade, the rand quoted 0.16 percent stronger at R14.73/$, after trading in range of R14.68/$ - R14.81/$. The rand inched stronger overnight. Expected range today R14.60/$ - R14.80/$.

South African bourse

The JSE All Share (-0.84 percent) ended lower yesterday, dragged by losses across the board. In local news, Vodacom’s (-2-63 percent) share price languished in the red after markets reacted to news that the company’s chief executive officer will step down. This follows the group chief technology officer’s resignation earlier in the week. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.24 percent) traded lower.

Brent crude oil

The Brent oil price ticked lower during a muted trading session yesterday, as traders prepare for Opec’s meeting next week. At the close of local trade, benchmark Brent crude futures quoted 0.23 percent lower at $63.69pb. Crude prices traded weaker during Asian trade this morning.

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