JOHANNESBURG - The South African currency was pressured by weak production figures although a recovery in sentiment amid easing geopolitical tensions provided some support during the European session according to NKC Research.
The local unit buckled under weak manufacturing data and a resumption of load-shedding this week, worsened by a pessimistic World Bank growth forecast for 2020. Friday’s economic calendar was focused on the release of key US jobs data. Non-farm payrolls advanced by a healthy 145000 in December, slightly below expectations. At the close of local trade, the rand quoted 0.29 percent weaker at R14.25/$, after trading in range of R14.16/$ - R14.25/$. The rand traded steady during early Asian trade. Expected range today R14.20/$ - R14.45/$.
South African bourse
The JSE All Share (+0.62 percent) ended higher on Friday, led mostly by gains in large telecommunication stocks. Telkom (+9.6 percent) found positive ground following a six-month slide which has wiped out nearly 70 percent of the company’s market value. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.38 percent) traded higher.
Brent crude oil