JOHANNESBURG - The rand traded in a narrow range against the US dollar during yesterday’s European trading session according to NKC Research.
The South African currency initially traded stronger amid lower US bond yields ahead of today’s US monetary policy rate decision but pared gains in the afternoon session following better-than-expected US housing data for November. At the close of local trade, the rand quoted 0.5 percent weaker at R14.29/$, after trading in the range of R14.24/$ - R14.40/$. The rand traded slightly weaker overnight. Expected range today R14.10/$ - R14.40/$.
South African bourse
The JSE All Share (-0.6 percent) ended lower yesterday after local markets were closed on Monday due to a public holiday. Losses were prominent in large industrial (-2 percent) and technology (-2 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.5 percent) traded lower. In local news, Nedbank (-2.2 percent) shares took a knock following a news report that said Nigeria’s financial regulator had launched a probe into its affiliate company Ecobank, of which it owns 21 percent.
Brent crude oil
The Brent oil price traded lower yesterday, as reports of rising crude inventories and expectations of record US and Russian crude output promoted a sell-off. At the close of local trade, the Brent oil price quoted 0.3 percent lower at $58.37/pb. Crude prices traded lower during Asian trade this morning.
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