JOHANNESBURG - The rand garnered support as US-Sino trade optimism boosted risk appetite and favourable Chinese data lifted EM sentiment according to NKC Research.
Although this was somewhat counterweighed by negative data releases on domestic soil as March’s PMI reading warned that private sector activity contracted sharply last month. Concerns over Eskom’s financial health dominated headlines as local firms cited power outages as the main drag on business in March. At the close of local trade, the rand quoted 0.2 percent weaker at R14.15/$, after trading in range of R14.11/$ - R14.22/$. The rand traded little changed overnight. Expected range today R14.00/$ - R14.25/$.
South African bourse
The JSE All Share (+1.3 percent) ended higher yesterday, in line with global stock markets, as investors grew more optimistic that China and the US may soon defuse a global trade spat. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.8 percent) traded higher. On the local front, Impala Platinum (+4.5 percent) and Anglo Platinum (+2.7 percent) stood out yesterday thanks to a stronger performance in base metals prices.
Brent crude oil
The Brent oil price appeared on track to break through the $70 level but fell short at $69.96pb and subsided later in the session. At the close of local trade, benchmark Brent crude futures quoted 0.4 percent lower at $69.50pb. Crude prices recovered during Asian trade this morning.
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