JOHANNESBURG - The rand was pressured by profit-taking during the European session yesterday, while Wednesday’s national elections are coming into focus according to NKC Research.
An upbeat PMI – the HIS Markit index jumped to 50.3 in April from a previous month index reading of 48.8 – provided traders with profit-taking opportunity ahead of the May 8 national vote.
At the close of local trade, the rand quoted 0.3 percent weaker at R14.49/$, after trading in range of R14.35/$ - R14.53/$. The rand traded slightly firmer overnight. Expected range today R14.30/$ - R14.60/$.
South African bourse
The JSE All Share (-1.1 percent) ended lower yesterday, after renewed fears over the Sino-US trade dispute spooked global stock markets. In the overall emerging market sphere, the MSCI Emerging Market Index (-1.9 percent) traded lower. In local news, Naspers (-3.3 percent) dragged the bourse lower yesterday as Asian markets fell flat.
Brent crude oil
The Brent oil price recovered from Donald Trump’s surprise tweet regarding China trade talks on Sunday afternoon to reach a key level. At the close of local trade, benchmark Brent crude futures quoted 1.8 percent higher at $70.56pb. Crude prices traded firmer during Asian trade this morning.
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