JOHANNESBURG - The South African currency oscillated in a narrow range during the European session as sudden power cuts on Thursday evening shone a spotlight on struggling power utility Eskom according to NKC Research.
The announcement came in the wake of capacity loss at three generation units, while the power utility warned on Friday that the risk of additional power outages is high. Meanwhile, investors remain cautiously optimistic in anticipation of a trade deal between Washington and Beijing, which for the time being is lending partial support to the local unit. At the close of local trade, the rand quoted 0.23 percent weaker at R14.79/$. The rand traded notably weaker during Asian trade this morning. Expected range today R14.80/$ - R15.00/$.
South African bourse
The JSE All Share (-1.51 percent) tracked global stocks weaker on Friday, as large consumer goods shares underperformed notably. Richemont (-5.73 percent) was arguably the day’s biggest laggard after the luxury goods group said that its net profit for the half year ended 2019 fell by 61 percent to €869m, as political protests in Hong Kong weighed on sales. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.81 percent) traded lower.
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