File image: IOL
File image: IOL

WATCH: Rand trades sharply overnight

By Compiled by Dhivana Rajgopaul Time of article published Mar 20, 2019

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JOHANNESBURG - According to NKC Research, the rand traded little changed during the European session with Eskom grabbing headlines as South Africa continued to grapple with severe load-shedding, hindering the local unit’s ability to benefit from market expectations for a dovish Fed statement this week. 

The rand will look towards today’s domestic data releases – February inflation and January retail sales – for some reprieve. At the close of local trade, the rand quoted 0.1 percent weaker at R14.44/$, after trading in range of R14.37/$ - R14.48/$. The rand traded sharply weaker overnight. Expected range today R14.40/$ - R14.60/$.

South African bourse

The JSE All Share (+0.1 percent) ended higher yesterday, led by gains in large mining (+0.9 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.2 percent) traded higher. In local news, Sibanye Gold (+8.5 percent) and Impala Platinum (+2.6 percent) were lifted by generally higher precious metal prices, and while the Association of Mineworkers and Construction Union (Amcu) continued to suffer legal setbacks.

Brent crude oil

The Brent oil price remained on track for another daily gain yesterday thanks to tighter supply, but came crashing down late in the session amid global economic growth concerns. At the close of local trade, benchmark Brent crude futures quoted 0.2 percent lower at $67.40pb. Crude prices steadied during Asian trade this morning.

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