JOHANNESBURG - The rand hovered near the R14/$ level against the USD on Friday according to NKC Research.
The South African currency was fairly stable as the negative impact of poor eurozone economic data and global growth fears was largely offset by optimism that South Africa would get a ratings reprieve from Moody’s and that US-China trade negotiations remain on track. At the close of local trade, the rand quoted 0.1 percent stronger at R13.99/$, after trading in range of R13.96/$ - R14.03/$. The rand traded slightly stronger overnight. Expected range today R13.90/$ - R14.10/$. It’s a quiet day on the data front but any shift in sentiment regarding the US-China trade negotiations could be key for the rand.
South African bourse
The JSE All Share (+0.9 percent) ended higher on Friday, on the back of gains in major resource and telecommunication shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.7 percent) traded higher on Friday. In local news, shares in Tongaat (-20.4 percent) plunged following a very negative trading update, which warns of likely a decrease in the company’s headline earnings of at least 250% y-o-y at the end of March 2019.
Brent crude oil
The Brent oil price traded higher on Friday, increasing for a second week. Crude prices remain supported by Opec-led output cuts and hopes of US-China trade deal. At the close of local trade, benchmark Brent crude futures quoted 0.7 perecnt higher at $67.51pb. Crude prices traded lower during Asian trade this morning.
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