JOHANNESBURG - The rand rallied against the US dollar during European trade yesterday according to NKC Research.
The South African currency was one the best-performing EM currencies along with the Turkish lira and the Russian rouble. Despite disappointing South African mining production figures for July, the rand strengthened in line with broad US dollar weakness after slightly weaker-than-expected US consumer inflation figures for August. At the close of local trade, the rand quoted 1.4 percent stronger at R14.74/$, after trading in the range of R14.62/$ - R14.97/$. The rand traded slightly weaker overnight. Expected range today R14.55/$ - R14.90/$.
South African bourse
The JSE All Share (+0.4 percent) ended higher yesterday boosted by gains in large general retail (+1.5 percent) and industrial (+0.4 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+1.3 percent) traded higher. In local news, Aspen (-14.8 percent) grabbed attention, after the drug maker agreed to sell its infant formula business to Lactalis for R12.9bn. Meanwhile, Naspers (+3.3 percent) shares rose as the market heavyweight lead the bourse higher.
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