JOHANNESBURG - The rand traded firmer during Friday’s European session as risk appetite was buoyed by US-Sino trade deal optimism according to NKC Research.
Although traders were positioned for a favourable US non-farm payrolls release. US president Donald Trump indicated on Friday that a deal with China might be revealed within four weeks. On the domestic front, the deterioration in the foreign reserve buffer tipped the local unit somewhat weaker although equity optimism – with South African shares headed higher for a fourth consecutive week – counterweighed. At the close of local trade, the rand quoted 0.60 percent stronger at R14.05/$, after trading in range of R14.02/$ - R14.15/$. The rand traded weaker from Friday’s session. Expected range today R14.00/$ - R14.20/$.
South African bourse
The JSE All Share (+0.3 percent) ended higher on Friday led by gains in large mining (-1.3 percent) and retail (+0.8 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.4 percent) traded higher. In local news, Steinhoff’s (-5.0 percent) share price took a knock after the embattled retailer again delayed release of its 2017 and 2018 financial statements, as complexities slowed the work of the external auditor Deloitte.
Brent crude oil
The Brent oil price traded higher on Friday, as oil resumed its ascend towards the key $70pb level. At the close of local trade, benchmark Brent crude futures quoted 0.62 percent higher at $69.69pb. Crude prices extended gains overnight.
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