JOHANNESBURG - The rand ticked firmer as retail sales beat expectations.
At a healthy clip of 2.6 percent y-o-y in November – smashing expectations for an increase of 1.5 percent y-o-y – the November retail sales release was a speckle of sunshine in an otherwise bleak quarter, as souring business sentiment and consumer confidence set the pace for a mediocre Q4 GDP reading. Traders are now turning attention to today’s rate-setting decision, with the Sarb widely expected to hold the repo rate at 6.5 percent. At the close of local trade, the rand quoted 0.32 percent stronger at R14.34/$, after trading in range of R14.33/$ - R14.43/$. The rand traded flat overnight. Expected range today R14.25/$ - R14.45/$.
South African bourse
The JSE All Share (+0.17 percent) ended firmer yesterday, buoyed by large consumer goods (+1.2 percent) stocks. The likes of Pick n Pay (+3.32 percent) and Shoprite (+0.57 percent) shone on the day after retail sales data beat expectations in November. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.51 percent) traded lower.
Brent crude oil