JOHANNESBURG - The South African rand rode the wave of cautious optimism as markets assessed US-Sino trade talk uncertainty to have lifted somewhat, although mixed signals from the economic powerhouses kept risk bulls at bay according to NKC Research.
Washington and Beijing may agree to a “partial” trade deal, which lifted trade- and risk-sensitive currencies. Meanwhile, markets continued to digest Wednesday’s Fed minutes release. At the close of local trade, the rand quoted 0.27 percent stronger at R15.07/$, after trading in a range of R15.08/$ - R15.24/$. The rand traded flat overnight. Expected range today R14.80/$ - R15.20/$.
South African bourse
The JSE All Share (+1.35 percent) tracked global stock markets higher yesterday, after President Donald Trump said he will meet with the Chinese vice premier today. In local news, PSG Konsult (+0.9 percent) increased its interim dividend to 7 percent for the six months ended 31 August 2019, thanks to solid performance in the financial services group’s short-term insurance leg, while recurring headline earnings per share (Heps) rose by 8 percent to 23.2 cents per share. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.35 percent) traded firmer.
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