JOHANNESBURG - The rand dipped slightly lower against the greenback during yesterday’s European trading session according to NKC Research.
The local currency looked seemingly stable as it recovered from the previous week’s slide. The rand is likely to stay rangebound in the coming days as investors wait patiently for Wednesday’s National Budget speech, and with US markets closed yesterday, while investors remain hopeful that the US and China can settle a trade dispute. At close of local trade, the rand quoted 0.5 percent weaker at R14.12/$, after trading in range of R14.04/$ - R14.13/$. The rand traded lower overnight. Expected range today R14.00/$ - R14.30/$.
South African bourse
The JSE All Share (+1.2 percent) ended higher yesterday led by gains across the board, amid improved emerging market sentiment. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.6 percent) traded lower. In local news, EOH (-10.4 percent) shares slumped yesterday after the company issued a statement indicating its relationship with Microsoft was heading to court. Strong precious metal prices helped Amplats (+1.3 percent) shares recover after the miner said it lost 14k ounces in platinum during last week’s power cuts.
Brent crude oil
The Brent oil price eased yesterday but remained on track for its strongest Q1 performance in eight years, thanks to a growing belief among investors that Opec-led supply cuts will prevent a crude build-up. At close of local trade, the Brent oil price was unchanged at $66.45/pb. Crude prices weakened during Asian trade this morning.
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