JOHANNESBURG - The rand surrendered Thursday’s gains against the US dollar during European trade on Friday according to NKC Research.
The South African currency tracked a weaker euro which was pummelled by weak eurozone economic data releases and lingering European political risks. Traders were also cautious ahead of S&P’s credit rating review of South Africa’s sovereign debt, which was expected after the close of trade. At the close of local trade, rand quoted 0.6 percent weaker at R13.87/$, after trading in the range of R13.74/$ - R13.91/$. The rand traded flat this morning. Expected range today R13.70/$ - R13.95/$.
South African bourse
The JSE All Share (-1 percent) ended lower on Friday dragged by losses in shares across the board. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.7 percent) traded lower. In local news, MTN (+3.7 percent) emerged as a beacon of light, after its shares rose on news that Nigeria’s central bank was on the verge of reaching an agreement regarding a $8.1bn dispute.
Brent crude oil
The Brent oil price took a tumble during Friday’s trading session, in the face of growing global crude inventories. At the close of local trade, the Brent oil price quoted -3.7 percent lower at $59.54/pb. Crude prices were little changed during Asian trade this morning.
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