File image: IOL
File image: IOL

JOHANNESBURG - The rand rallied to its strongest level against the greenback in two weeks during European trade yesterday according to NKC Research. 

The South African currency was one of the top-performing emerging market currencies following disappointing US data which dragged US bond yields lower and the release of South African inflation figures which showed few signs of second-round effects. At the close of local trade, the rand quoted 1.1 percent stronger at R13.92/$, after trading in the range of R13.90/$ - R14.13/$. The rand traded little changed overnight. Expected range today R13.85/$ - R14.10/$.

South African bourse

The JSE All Share (+0.5 percent) ended higher yesterday led mainly by gains in large retail (+3.0 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.25 percent) traded higher. In local news, Sasol (-1.4 percent%) shares ended lower after the company released a trading statement for the financial half year ending 31 December 2018, that showed it expects headline earnings per share (Heps) to grow between 12 percent and 29 percent next year – disappointing market expectations.

Brent crude oil

Brent oil recovered some losses yesterday following a 6 percent plunge during the previous trading sessions. At the close of local trade, the Brent oil price quoted 0.2 percent higher at $63.44/pb. Crude prices traded flat during Asian trade this morning.

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