JOHANNESBURG - The rand plunged versus the US dollar during yesterday’s European trading session according to NKC Research.
The South African currency looked positive during early morning trade but lost its way, soon after Public Enterprises Minister Pravin Gordhan said that privatising debt-ridden Eskom was not on the table. Meanwhile, disappointing local data releases also weighed on the rand after retail sales surprised notably to the downside, recording the worst performance in at least 16 years. At close of local trade, the rand quoted 1.3 percent weaker at R13.89/$, after trading in range of R13.71/$ - R13.94/$. The rand found some stability overnight after breaking through the R14/$ echelon. Expected range today R13.85/$ - R14.15/$.
South African bourse
The JSE All Share (+1.1 percent) ended higher yesterday, amid improved risk appetite, lifted by large consumer goods (+5.0 percent) and mining (+2.5 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.03 percent) traded little changed. In local news, Sasol (+5.4 percent) shares shone on the back of a rising international oil price.
Brent crude oil
The Brent oil price traded higher yesterday, after leading exporter Saudi Arabia said it would reduce its crude output and implement more production cuts. At close of local trade, benchmark Brent crude futures quoted +0.8 percent higher at $63.46pb. Crude prices traded firmer during Asian trade this morning.
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