JOHANNESBURG - The rand traded sideways against the greenback during European trade on Tuesday according to NKC Research.
The South African currency traded in a tight range as US dollar softness following disappointing US housing data was counterweighed by reduced bullishness regarding the impact of the expected US-China trade deal. At the close of local trade, the rand quoted 0.02 percent weaker at R13.85/$, after trading in range of R13.83/$ - R13.89/$. The rand remained flat overnight. Expected range today R13.75/$ - R13.95/$.
South African bourse
The JSE All Share (+0.7 percent) ended higher yesterday, led by gains in mining and consumer goods shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.3 percent) traded lower. In local news, Shoprite (+4.9 percent) recorded a sharp 24.1 percent decrease in diluted headline earnings per share during the first half (H1) of the 2019 financial year (FY). Meanwhile, Assore (-1.1 percent) posted a 20 percent increase in headline earnings for H1 2019 FY.
Brent crude oil
The Brent oil price recovered some of Monday’s losses yesterday as traders started to believe that Opec would not succumb to President Trump’s pressure to keep oil prices level. A soft trade-weighted USD was also supportive of commodity prices in general. At the close of local trade, the Brent oil price quoted 0.8 percent higher at $65.16pb. Crude prices traded higher during Asian trade this morning.
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