JOHANNESBURG - The rand rallied against the greenback during European trade yesterday according to NKC Research.
The South African currency strengthened in line with broad US dollar weakness as well as news that both the Chinese and South African governments are planning to implement economic stimulus measures. The rand was one of the top-performing emerging market currencies on the day. At the close of local trade, the rand quoted 1.6 percent stronger at R14.42/$, after trading in the range of R14.38/$ - R14.68/$. The rand traded stronger overnight. Expected range today R14.20/$ - R14.50/$.
South African bourse
The JSE All Share (+0.2 percent) was led higher by gains in large mining (+0.2 percent) and industrial (+0.3 percent ) shares yesterday. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.6 percent ) traded higher. In local news, Steinhoff (-8 percent ) shares traded lower after the embattled retailer said that it is focussing on ways to attract extra funding for Mattress Firm – another one of its struggling business units.
South African President Cyril Ramaphosa will be present a stimulus package that will take on the decline in the South African economy. For this stimulus package, the government will be setting aside R50 billion that will be used to boost economic growth and job creation.
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