Photo: IOL
Photo: IOL

WATCH: Rand remains in the back foot overnight

By Compiled by Dhivana Rajgopaul Time of article published Mar 13, 2020

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JOHANNESBURG - The South African currency suffered another painful day as risk-off sentiment dominated markets across the globe. Local markets digested a mixed bag of mining and manufacturing data for January according to NKC Research. 

The coronavirus continued to create market havoc yesterday, prompting investors to buy more liquid assets such as the greenback. But the dollar index wobbled at the end of the European session after concerns were raised as a plunge in the February PPI sketched a sombre picture of what is to come, with the unexpected decline – the largest monthly drop in five years – underscoring that price pressures were extremely tame ahead of the coronavirus. At the close of local trade, the rand quoted 0.70 percent weaker at R16.48/$. The rand remained in the back foot overnight. Expected range today R16.80/$ - R16.40/$.

South African bourse

The JSE All Share fell by 9.72 percent yesterday as the stock market rout deepened. Equity markets across the globe sustained heavy losses. In the overall emerging market sphere, the MSCI Emerging Market Index (-6.71 percent) traded deep in the red.

Brent crude oil

The Brent oil price remained firmly on the back foot yesterday after the US stunned markets by implementing a travel ban on Europe to prevent Covid-19 from spreading further. At the close of local trade, benchmark Brent crude futures quoted 2.44 percent lower at $33.58pb. Crude prices traded slightly firmer during Asian trade this morning.

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