File image: IOL
File image: IOL

WATCH: Rand trades flat overnight

By Compiled by Dhivana Rajgopaul Time of article published Oct 11, 2019

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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.

Brent crude oil

The Brent oil price shot up during the afternoon session, as Opec’s comments over crude supply soothed investor’s nerves, while optimism surrounding trade talks between China and the US lifted prices further. At the close of local trade, benchmark Brent crude futures quoted 0.87 percent higher at $58.84pb. Crude prices extended gains, edging closer to $60pb during Asian trade this morning. 

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