JOHANNESBURG - The rand recovered versus the greenback during yesterday’s European trading session according to NKC Research.
The South African currency strengthened from technically oversold levels and was boosted by improved Q2 South African current account data. Global risk sentiment also received some support from news that Argentina’s government is confident about getting financial support from the IMF. At close of local trade, ZAR quoted 0.5 percent stronger at R15.38/$, after trading in range of R15.25/$ - R15.54/$. ZAR traded stronger overnight. Expected range today R15.10/$ - R15.45/$.
South African bourse
The JSE All Share (+0.1%) found itself in positive territory yesterday supported by gains in large technology (+2%) and general retail shares (+0.5%). In the overall emerging market sphere, the MSCI Emerging Market Index (-0.3%) traded lower. In local news, FirstRand (+3.9%) stood out yesterday with a 12% rise in annual profits for the year ended 30 June 2018. The country’s largest lender recorded a headline earnings per share of 472.7c per share.
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