File photo: Reuters
File photo: Reuters

WATCH: Rand starts the week on a softer footing

By Compiled by Dhivana Rajgopaul Time of article published Jan 27, 2020

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JOHANNESBURG - Get the latest market update and top stories from our newsrooms across South Africa, Africa and the world. 

The South African currency oscillated sideways as investors weighed the impact of the coronavirus, while a poor outlook for the local economy added further pressure as more analysts vocalised concerns of a loss of the investment rating according to NKC Research.

At the close of local trade, the rand quoted 0.27 percent weaker at R14.40/$, after trading in range of R14.30/$ - R14.46/$. The local unit began the week on a softer footing as many Asian markets remain closed for Lunar New Year. Expected range today R14.35/$ - R14.55/$.

South African bourse

The JSE All Share (+0.64 percent) recovered from a global sell-off last week Friday – as fears of the China virus subsided somewhat – led by gains in large technology (+1.39 percent) and retail (+1.70 percent) stocks. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.25 percent) traded lower.

Brent crude oil

The Brent oil price received a drubbing last week due to a spreading coronavirus in China, which is set to hamper international travel ahead of the Lunar New Year, and hence demand of oil. At the close of local trade, benchmark Brent crude futures quoted 2.82 percent lower at $60.60pb. Crude prices drifted lower during Asian trade this morning. 

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