JOHANNESBURG - The rand remained largely steady during Friday’s European trading session according to NKC Research.
The South Africa unit recovered slightly from the data driven sell-off the previous day with both mining and manufacturing data pointing towards an elusive economic recovery. At the close of local trade, the rand quoted 0.4 percent stronger at R13.93/$ after trading in range of R13.91/$ - R14.08/$. The rand traded slightly weaker this morning. Expected range today R13.90/$ - R14.10/$.
South African bourse
The JSE All Share (+0.4 percent) ended higher on Friday, thanks to gains in large industrial, technology and resource shares. However, losses in large financial and gold mining shares capped these gains. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.2 percent) traded higher. In local news, Oceana (+1.5 percent) said its profit before taxation for the six months ended March 2019 is expected to increase by between 26 percent y-o-y and 30 percent y-o-y. Meanwhile, EOH (+1.6 percent) announced that it will record a headline loss per share of 993 cents for the year ended January 2019.
Brent crude oil
The Brent oil price continued to inch higher on Friday due to sustained pressure on global oil supplies and concerns about the fighting in Libya. At the close of local trade, benchmark Brent crude futures quoted 0.7 percent higher at $71.56pb. Crude prices ticked lower during Asian trade this morning.
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