File image: IOL
File image: IOL

WATCH: Rand slips after dollar gains momentum

By Compiled by Dhivana Rajgopaul Time of article published Jan 9, 2019

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JOHANNESBURG - The rand whipsawed during yesterday’s European trading session according to NKC Research. 

The South African currency slipped in early trade after the US dollar regained momentum posting fresh gains against a basket of currencies. However, the rand managed to claw back early losses as optimism over US-China trade talks boosted risk sentiment. At the close of local trade, the rand quoted 0.25 percent stronger at R13.91/$, after trading in the range of R13.90/$ - R14.04/$. The rand traded little changed overnight. Expected range today R13.80/$ - R14.00/$. 

South African bourse

The JSE All Share (+0.4 percent) recovered yesterday led by gains in large consumer goods (+2 percent) and technology (+1.1 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.3 percent) traded lower. In local news, Naspers (+0.5 percent) was undeterred by disappointing performance in its affiliate company Tencent during yesterday’s trading session.

Brent crude oil

The Brent oil price extended gains yesterday, on the back of tighter crude markets – thanks to Opec supply cuts – and optimism over trade talks between the US and China. At the close of local trade, benchmark Brent crude futures quoted 2.0 percent higher at $58.4/pb. Crude prices ticked higher during Asian trade this morning.

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