JOHANNESBURG - The rand traded on the back foot during yesterday’s European trading session but stabilised in late trade according to NKC Research.
Lingering global uncertainties in the form of Brexit, the US-Sino trade war and the EU-Italy budget standoff weighed on emerging market sentiment.
The rand was reasonably steady though as markets awaited US Fed Chair Jerome Powell’s speech during New York trade for any clues about future US interest rates. At the close of local trade, the rand quoted 0.2 percent weaker at R13.95/$, after trading in the range of R13.89/$ - R13.99/$. The rand traded stronger overnight on the dovish tones of Powell’s speech. Expected range today R13.55/$ - R13.85/$.
South African bourse
The JSE All Share (+1.1 percent) ended higher yesterday led by gains in large industrial (+2.2 percent) and mining (+1.3 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+1.2 percent) traded higher. In local news, Naspers (+3.8 percent ) rose yesterday – lifting the JSE along with it – on the back of share gains in its affiliate company Tencent.
Brent crude oil
The Brent oil price traded lower yesterday after Saudi Arabia said it will not cut crude output on its own, and data releases showing a rise US crude stockpiles. At the close of local trade, the Brent oil price quoted 2.1 percent lower at $59.58/pb. Crude prices were subdued this morning.
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