JOHANNESBURG - The rand rallied against the US dollar during yesterday’s European trading session according to NKC Research.
The South African currency strengthened in line with broad greenback weakness and boosted by the Sarb decision to raise interest rates by 25 bps despite the apex bank lowering its inflation and domestic GDP growth forecasts. At the close of local trade, the rand quoted 1.1 percent stronger at R13.77/$, after trading in the range of R13.73/$ - R13.96/$. The rand held on to gains overnight. Expected range today R13.70/$ - R14.00/$.
South African bourse
The JSE All Share (-0.3 percent) ended lower yesterday dragged by losses in large mining (-2.3 percent) and technology (-0.6 percent) shares. in the overall emerging market sphere, the MSCI Emerging Market Index (+0.1%) traded higher. In local news, Mr. Price (+5.6 percent) shares were lifted after the retail group retail group declared an interim dividend of 311.4 cents in its results for the 26 weeks ended 29 September 2018.
Brent crude oil
The Brent oil price crept slightly higher yesterday, with Opec set to meet on December 6 to deliberate its supply policy. At the close of local trade, the Brent oil price quoted 0.3 percent higher at $63.32/pb. Crude prices touched $61/pb during Asian trade this morning due to supply glut concerns.
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