JOHANNESBURG - The rand whipsawed during yesterday’s European trading session according to NKC Research.
The South African currency traded on a firmer footing in early trade thanks to better-than-expected Q3 South African GDP data and broad US dollar weakness. However, the rand pared most of these gains in late trade as emerging market sentiment was soured by a sharp weakening in the Turkish lira. At the close of local trade, the rand quoted 0.6 percent weaker at R13.70/$, after trading in the range of R13.54/$ - R13.73/$. The rand traded weaker overnight. Expected range today R13.65/$ - R13.95/$.
South African bourse
The JSE All Share (+0.3 percent) ended higher yesterday led by gains in large property (+2.1 percent) and retail (+1.6 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.26 percent) traded lower. In local news, AngloGold (+3.4 percent) shone yesterday lifted by a stronger gold price.
Brent crude oil
The Brent oil price traded higher yesterday, ahead of expected supply cuts by Opec and lower Canadian crude output. At the close of local trade, the Brent oil price quoted 0.1 percent higher at $62.22/pb. Crude prices traded lower during Asian trade this morning due to data showing rising US crude oil inventories.
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