File image: IOL
File image: IOL

WATCH: Rand surrenders some gains

By Compiled byh Dhivana Rajgopaul Time of article published Nov 8, 2019

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JOHANNESBURG - The South African currency shrugged off a batch of depressing economic data yesterday to claw back some of Wednesday’s losses according to NKC Research. 

Renewed optimism that China and the US could soon strike a trade deal was the main driving force behind the rand’s improved performance. At the close of local trade, the rand quoted 0.6 percent stronger at R14.74/$, after trading in range of R14.71/$ - R14.83/$. The rand surrendered some gains in early morning trade. Expected range today R14.65/$ - R14.95/$.

South African bourse

The JSE All Share (-0.29 percent) ended lower across the board yesterday, dragged by weaker manufacturing data for September. The Foschini Group’s (-2.78 percent) share price fell, even though the retailer said its headline earnings per share (Heps) rose by 3 percent to 526.7 cents per share for the half-year ended 30 September. Truworths (-1.98 percent) meanwhile, reported a 2 percent rise in retail sales during the first 18 trading weeks of the 2020 financial year. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.44 percent) traded higher.

Brent crude oil

The Brent oil price surged stronger yesterday, after China made positive comments regarding import tariffs, bolstering hopes that a trade deal could soon follow. At the close of local trade, benchmark Brent crude futures quoted 1.25 percent higher at $62.51pb. Crude prices whipsawed weaker during Asian trade this morning.

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