JOHANNESBURG - The rand recovered versus the US dollar during European trade yesterday according to NKC Research.
A late slide by the greenback helped the South African currency reverse early losses as investors remained on the side lines ahead of tomorrow’s annual budget speech. At close of local trade, the rand quoted 0.03 percent weaker at R14.13/$, after trading in range of R14.10/$ - R14.20/$. The rand traded firmer overnight, buoyed by broad US dollar softness, as investors await today’s budget policy statement. Expected range today R13.95/$ - R14.25/$.
South African bourse
The JSE All Share (-0.3 percent) ended lower yesterday, dragged by losses in large technology (-2.9 percent) and industrial (1.6 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.02 percent) was basically unchanged. In local news, EOH (-16.4 percent) made a cautionary announcement to investors yesterday, as the company share price fell to its weakest level in around eight years.
Brent crude oil
The Brent oil price traded lower yesterday as concerns over global economic growth dampened demand, outweighing Opec supply cuts. At close of local trade, benchmark Brent crude futures quoted 0.2 percent lower at $66.18pb. Crude prices traded little changed during Asian trade this morning.
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