File image: IOL
File image: IOL

JOHANNESBURG - The rand traded on a weaker footing during the early European session as traders look forward towards the domestic political agenda – the delayed cabinet appointments – against a global backdrop of thin holiday trade according to NKC Research. 

Global sentiment remains downtrodden by US-Sino trade tensions. Our baseline projection places the South African unit at R14.34/$ by mid-year and easing only modestly in H2 to end the year at R14.38/$. At the close of local trade, the rand quoted 0.5 percent weaker at R14.45/$, after trading in range of R14.39/$ - R14.48/$. The rand drifted lower overnight. Expected range today R14.35/$ - R14.55/$.

South African bourse

The JSE All Share (+0.1 percent) had a mixed session yesterday but manged to close in positive territory. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.3 percent) traded higher. In local news, Telkom (+4.1 percent was one of the day’s major gainers after it reported a 22.6 percent increase in full-year earnings, thanks to an upbeat performance in its mobile business.

Brent crude oil

The Brent oil price traded higher yesterday as Middle East tensions and Opec-led supply cuts lifted crude, offsetting trade war concerns. At the close of local trade, benchmark Brent crude futures quoted 1.2 percent higher at $69.34pb. Crude prices traded flat during Asian trade this morning.

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