File image: IOL
File image: IOL

WATCH: Rand slips further overnight

By Compiled by Dhivana Rajgopaul Time of article published Mar 12, 2020

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JOHANNESBURG - The South African currency rand was gripped by negative sentiment as coronavirus related fears compounded concerns regarding the domestic economy as Stage 4 loadshedding resumed yesterday according to NKC Research.

Local business confidence plummeted in Q1 to the lowest level in 21 years. At the close of local trade, the rand quoted 0.57 percent weaker at R16.12/$, after trading in the range of R15.91/$ - R16.12/$. The rand slipped further overnight with Eskom having announced Stage 4 loadshedding will continue until Friday. The expected range of the rand today is R16.25/$ - R16.60/$.

South African bourse

The JSE All Share (-0.79 percent) ended weaker yesterday, after data showed that domestic business confidence is currently at multi year lows. In the overall emerging market sphere, the MSCI Emerging Market Index (-1.86 percent) traded lower on soft investor sentiment.

Brent crude oil

The Brent oil price traded lower yesterday, after Saudi Arabia and the United Arab Emirates signalled their intentions to push forward with boosting crude output that would further flood the integrational market. In addition, the United States banned travel from Europe in an effort to combat the spread of Covid-19, suppressing global travel. At the close of local trade, benchmark Brent crude futures quoted 4.56 percent lower at $36.38pb. The Brent Crude prices dipped lower during Asian trade this morning. 

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