File image: IOL
File image: IOL

WATCH: Rand makes progress to end the week on a bullish note

By Compiled by Dhivana Rajgopaul Time of article published Oct 7, 2019

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JOHANNESBURG - The rand made progress to end the week on a bullish note, in stark contrast to the beginning of the week according to NKC Research. 

Markets looked towards the non-farm payrolls release to gauge direction on the pace of US monetary policy easing, with odds of an October rate cut easing to 80 percent from above 90 percent earlier this week in the wake of the better-than-expected release. At the close of local trade, the rand quoted 0.6 percent stronger at R15.05/$, after trading in range of R15.05/$ - R15.15/$. The rand traded flat overnight. Expected range today R15.00/$ - R15.20/$.

South African bourse

The JSE All Share (+0.5 percent) edged higher on Friday, as telecom, healthcare and financial sector shares performed well. In local news, Famous Brands (+0.3 percent) said its basic earnings per share for the six months to end-August is expected to increase by between 143c to 175c. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.4 percent) traded higher.

Brent crude oil

The Brent oil price traded higher on Friday, boosted by the US jobs report which allayed some recession fears and news that US oil drillers have cut rigs for a seventh week in a row. At the close of local trade, benchmark Brent crude futures quoted 0.9 close higher at $58.49pb. Crude prices slipped slightly lower during Asian trade this morning.

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