JOHANNESBURG - The rand recovered against the US dollar during European trade yesterday according to NKC Research.
The South African currency surged stronger, halfway through the annual budget address, after Minister of Finance Tito Mboweni hardly delivered any market-shaking bombshells during his first budget speech. A quiet greenback took the pressure off emerging market currencies, with the yuan jumping to a near three-week high against the dollar. At close of local trade, the rand quoted 0.2 percent weaker at R14.06/$, after trading in range of R13.98/$ - R14.37/$. The rand remained steady overnight following a volatile session. Expected range today R13.85/$ - R14.25/$.
South African bourse
The JSE All Share (+0.8 percent) ended stronger yesterday led by gains in large technology (+2.6 percent) and mining (+1.7 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+1.2 percent) traded higher. In local news, large mining shares such as AngloGold (+11.4 percent), Gold Fields (+6.9 percent) and Harmony Gold (+6.3 percent) benefited from higher precious metal prices.
Brent crude oil
The Brent oil price traded lower yesterday dragged by soaring US shale output, which reached 8.4 million bpd in March, and softer global economic growth. At close of local trade, the Brent oil price quoted 0.2 percent lower at $66.24pb. Crude prices strengthened during Asian trade this morning.
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