File image: IOL

JOHANNESBURG - The South African currency maintained a depreciatory trend yesterday, breaching the R15/$ threshold and reaching levels previously seen earlier in the month. While domestic markets were closed on Tuesday, risk appetite took a knock amid increased political uncertainty in the UK and US, including mixed signals regarding Sino-US trade. At the close of local trade, the rand quoted 0.56 percent weaker at R14.99/$, after trading in range of R14.86/$ - R15.06/$. The rand was struggling to advance overnight. Expected range today R14.85/$ - R15.15/$.

South African bourse

The JSE All Share (-1.54 percent) ended lower yesterday, in step with global stock indices, as investors flocked to safe have assets amid increased political uncertainty in the UK and US. It is therefore no surprise that, large local mining houses, including Sibanye Gold (+4.48 percent), Gold Fields (+4.63 percent) and Anglo Gold (+2.32 percent) firmed on the back of a buoyant gold price prospects. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.57 percent) traded lower.

Brent crude oil

The Brent oil price ticked weaker yesterday as trade optimism faded following trade-negative comments by President Donald Trump. Meanwhile, American Petroleum Institute data showed that US crude stockpiles rose by 1.4 million barrels last week. At the close of local trade, benchmark Brent crude futures quoted 1.58 percent lower at $61.61pb. Crude prices traded firmer during Asian trade this morning.


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