WATCH: Rand remains on the backfoot overnight
JOHANNESBURG - The South African currency started the day little changed as it sought direction, but lost its way as the session got on according to NKC Research.
The trade-weighted dollar rose sharply against a basket of currencies causing the rand to come rand under renewed pressure. At the close of local trade, the rand quoted 1.0 percent weaker at R14.31/$, after trading in range of R14.14/$ - R14.34/$. The rand remained on the backfoot overnight. Expected range today R14.20/$ - R14.40/$.
South African bourse
The JSE All Share (+0.5 percent) ended higher yesterday, after the local bourse was closed on Monday, tracking global stock higher. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.1 percent) traded higher. In local news, Sasol’s (+4.2 percent) share price rose to its highest level in nearly six months as the energy and chemicals group benefited from a weaker rand and firmer international oil price.
Brent crude oil
The Brent oil price consolidated gains yesterday after jumping to levels last seen in November, as Washington tightened sanctions against Iran on Tuesday. At the close of local trade, benchmark Brent crude futures quoted 0.1 percent higher at $74.51pb. Crude prices traded sideways during Asian trade this morning.
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