JOHANNESBURG - The rand traded stronger against the US dollar during Friday’s European trading session according to NKC Research.
The South African currency recovered somewhat following sharp losses in the week due to higher US bond yields. On Friday US bond yields eased somewhat as data showed that US employment growth was weaker than expected in September. At the close of local trade, the rand quoted 0.7 percent stronger at R14.75/$, after trading in the range of R14.68/$ - R14.88/$. The rand traded slightly weaker this morning. Expected range today R14.70/$ - R15.00/$.
South African bourse
The JSE All Share (-1.1 percent) ended lower on Friday dragged by losses in large technology (-2.4 percent and mining (-2.4 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-1.0 percent) traded lower. In local news, MTN (-4 percent) shares slumped as Nigerian authorities pressured the telecommunication giant to pay 15 percent interest on funds Nigeria say were sent out of the country illegally. MTN is expected to pay interest until the courts in Nigeria rule on the matter followed by another 10 percent until the entire sum of $8.1bn has been pained in full.
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