JOHANNESBURG - The rand remained on the back foot during European trade yesterday according to NKC Research.
The South African currency was temporarily boosted by stronger-than-expected mining and manufacturing production data, but pared gains in late afternoon trade as the US dollar strengthened on the back of higher-than-expected US producer inflation figures which fuelled optimism over the US economy’s strength. At the close of local trade, the rand quoted 0.1 percent weaker at R14.36/$, after trading in the range of R14.25/$ - R14.46/$. The rand traded slightly stronger overnight. Expected range today R14.10/$ - R14.40/$.
South African bourse
The JSE All Share (+1.5 percent) ended higher yesterday led by gains across the board, but most notably from large consumer goods (+1.8 percent) and mining (+1.3 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.2 percent) traded higher. In local news, Sasol (+2.4%) shares benefited from a stronger international oil price.
Brent crude oil
The Brent oil price traded higher yesterday helped along by gains in global stock markets, as it recovered some of the previous session’s losses. At the close of local trade, the Brent oil price quoted 1.1 percent higher at $60.75/pb. Crude prices traded flat during Asian trade this morning.
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