JOHANNESBURG - The rand traded weaker against the greenback during European trade yesterday according to NKC Research.
The South African currency remained relatively steady, amid a mix of foreign and local developments. The rand initially received support from a softer dollar coupled with optimism over Sino-US trade talks. On the local data front, somewhat disappointing manufacturing production figures for November and a dip in business confidence during December weighed on the local currency. At the close of local trade, the rand quoted 0.6 percent weaker at R13.90/$, after trading the in range of R13.82/$ - R13.95/$. The rand traded slightly stronger overnight and looks stable ahead of today’s US CPI figures for December. Expected range today R13.70/$ - R13.90/$.
South African bourse
The JSE All Share (-0.04 percent) ended marginally lower yesterday, following disappointing performances in large technology (-2.0 percent) and mining (-1.0 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.4 percent) traded higher. In local news, Sibanye Gold (+3.0 percent) shares held out against news that showed the miner’s 2018’s gold output was expected to miss initial forecasts, amid a wage strike.
Brent crude oil
The Brent oil price traded little changed yesterday, amid mixed signals over US-China trade talks and growing US oil production. At the close of local trade, benchmark Brent crude futures quoted 0.03 percent lower at $60.83/pb. Crude prices traded higher again during Asian trade this morning.
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