JOHANNESBURG - The rand traded in a tight range during European trade on yesterday according to NKC Research.
Despite very disappointing South African mining production figures for August, the South African currency was stable, in line with a rangebound trade-weighted US dollar, as market participants pondered what to make of the recent correction in global stock markets. At the close of local trade, the rand quoted 0.4 percent weaker at R14.32/$, after trading in the range of R14.18/$ - R14.35/$. The rand traded weaker overnight. Expected range today R14.25/$ - R14.55/$.
South African bourse
The JSE All Share (0.5 percent) ended lower yesterday, following losses in large retail (-1.5 percent) and industrial (-0.9 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-1.3 percent) traded lower. In local news, shares in Old Mutual traded flat after selling all 5.5 million shares in Nedbank (-0.3 percent), thereby concluding the spin-off process of the local bank.
Brent crude oil
The Brent oil price traded lower yesterday dragged by the news that US crude inventories posted its fourth weekly increase. At the close of local trade, the Brent oil price quoted 0.5 percent lower at $79.65/pb. Crude prices traded flat during Asian trade this morning.
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