JOHANNESBURG - The rand traded on the back foot versus the US dollar during European trade yesterday according to NKC Research.
The South African currency weakened due to a combination of disappointing Chinese and South African manufacturing activity data for September. On the bright side, the conclusion of the North American Free Trade Agreement (Nafta) was a positive for risk sentiment and raised hopes that global trade tensions could start to ease. At the close of local trade, the rand quoted 0.3 percent weaker at R14.19/$, after trading in the range of R14.07/$ - R14.21/$. The rand traded slightly weaker overnight. Expected range today R14.20/$ - R14.40/$.
South African bourse
The JSE All Share (0.2 percent) ended higher yesterday led by gains in large industrial (+0.2 percent) general retail (+0.2 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.1 percent) traded lower. In local news, retail heavyweights, such as Clicks (+3.7 percent) and Mr Price (+1.0 percent) were some of the main contenders, while Choppies (+23 percent) also posted impressive gains.
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