File Image: IOL
File Image: IOL

WATCH: Rand ticks weaker against the dollar

By Compiled by Dhivana Rajgopaul Time of article published Feb 6, 2019

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JOHANNESBURG - The rand ticked weaker against the US dollar during European trade yesterday according to NKC Research. 

The South African currency started out lower but recovered later in the day while remaining in a tight range. With no major data releases set for today, investors will wait for President Cyril Ramaphosa to deliver his State of the Nation Address on Thursday. At close of local trade, the rand quoted 0.02 percent stronger at R13.40/$, after trading in range of R13.34/$ - R13.40/$. The rand traded little changed overnight. Expected range today R13.35/$ - R13.55/$.

South African bourse

The JSE All Share (+1.3 percent) ended higher yesterday led by gains across the board, most notably from large technology (+2.6 percent) and consumer goods (+2.0 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.37 percent) traded higher. In local news, industry giant Anglo American Platinum (+0.2 percent) said yesterday that it expects a rise in annual profit of between 83 percent and 103 percent, buoyed by higher prices and improved operational performance.

Brent crude oil

The Brent oil price experienced an abrupt fall after data showed a decline in US factory orders, stoking fears of a weaker US economy. At close of local trade, the Brent oil price quoted 0.6 percent lower at $62.35pb. Crude prices traded lower during Asian trade this morning.

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