File image: IOL
File image: IOL

WATCH: Rand struggles to gain traction

By Compiled by Dhivana Rajgopaul Time of article published Jan 24, 2020

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JOHANNESBURG - The South African currency struggled to gain traction as a lack of local data left the unit vulnerable to souring global risk sentiment according to NKC Research.

Pandemic fears related to the outbreak of the coronavirus reared its head again on Thursday, after a brief recovery in sentiment on Wednesday. At the close of local trade, the rand quoted 0.33 percent weaker at R14.40/$, after trading in range of R14.28/$ - R14.44/$. The rand traded steadier overnight. Expected range today R14.25/$ - R14.50/$.

South African bourse

The JSE All Share (-1.77 percent) plunged in line with international stock markets after the lockdown of a second Chinese city was declared yesterday, sending shivers through the global financial sphere. In local news, Clicks reported a 9.9 percent rise in sales for the 20 Weeks to 12 January 2020. Clicks group Chief Executive, Vikesh Ramsunder said a wide range of promotional offers carried the retailer though a challenging consumer environment. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.99 percent) traded lower.

Brent crude oil

The Brent oil price traded weaker yesterday amid concerns that a spreading virus from China would weigh on demand for fuel due to growing travel bans. At the close of local trade, benchmark Brent crude futures quoted 1.13 percent lower at $61.44pb. Crude prices traded firmer during Asian trade this morning. 

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