JOHANNESBURG - The South African currency swung between gains and losses although the local unit remained mostly at the mercy of broader market sentiment amid trade war uncertainty against a backdrop of lower global trading volumes according to NKC Research.
Local data releases confirmed a deterioration in business confidence, which weighed on the rand throughout most of the session. At the close of local trade, the rand quoted 0.44 percent weaker at R15.23/$, after trading in range of R15.14/$ - R15.23/$. The rand drifted lower overnight. Expected range today R15.10/$ - R15.45/$.
South African bourse
The JSE All Share (-0.86 percent ended lower yesterday, pulled by weak August PMI data. In local news, Old Mutual (-2.4 percent) is set to launch its second share buyback of 2019 today. South Africa’s second-largest insurer said yesterday that it will buy back R2.4 billion worth of shares subject to market conditions. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.06 percent) traded lower.
Brent crude oil
The Brent oil price extended losses yesterday as investors feared that the imposition of more import tariffs could lead to a slowdown in global crude demand. At the close of local trade, benchmark Brent crude futures quoted 0.37 percent higher at $59.11pb. Crude traded flat during Asian trade this morning.
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