JOHANNESBURG - The rand traded on a weaker footing during the early European session, before trading firmer in a narrow range later in the day. according to NKC Research.
The rand tracked the Turkish lira weaker, although contagion has generally been very limited, while markets await the outcome of the ECB’s meeting this week for directional guidance on overall risk sentiment. On the domestic data front, the rand will be looking towards Thursday’s mining and manufacturing releases. At the close of local trade, the rand quoted 0.3 percent stronger at R14.11/$, after trading in range of R14.06/$ - R14.16/$. The randtraded marginally weaker overnight. Expected range today R14.05/$ - R14.20/$.
South African bourse
The JSE All Share (+0.4 perecnt) ended higher yesterday led by gains in large gold (+4.3 percent) and platinum (+3.2 percent) mining shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.3 percent) traded higher. In local news, Harmony (+7.5 percent), Sibanye (5.5 percent) Anglo Platinum (+5.0 percent) and Gold Fields (+4.1 percent) were all hoisted by firmer precious metal prices.
Brent crude oil
The Brent oil price extended gains yesterday as it rose to a five-month high due to expectation of tighter crude supply, amid rising tensions in Libya. At the close of local trade, benchmark Brent crude futures quoted 0.2 perecnt higher at $70.80pb. Crude prices traded firmer during Asian trade this morning.