JOHANNESBURG - The rand traded in a narrow range for most of the European trading session yesterday according to NKC Research.
The South African currency strengthened slightly in early trade amid optimism that Brexit and US-China relations are easing, but lost ground in the afternoon trading session as US bond yields ticked higher. On the data front, the slight moderation in South African producer price inflation had little to no market impact. At the close of local trade, the rand quoted 0.3 percent weaker at R14.15/$, after trading the in range of R14.07/$ - R14.22/$. The rand traded weaker overnight. Expected range today R14.05/$ - R14.35/$.
South African bourse
The JSE All Share (+0.3 percent) ended higher yesterday led by gains in large mining (+1.9 percent) and industrial (+1.5 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.68 percent) traded higher. In local news, Sibanye Stillwater (+4.96 percent) shares rose after the mining house extended a wage agreement, which was reached with several trade unions last month.
Brent crude oil
The Brent oil price dipped below $60/pb yesterday, due to high levels of global crude inventories. At the close of local trade, the Brent oil price quoted 0.9 percent lower at $59.84/pb. Crude prices traded higher during Asian trade this morning after the IEA said it sees global oil supply tightening faster next year.
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