File image: IOL
File image: IOL

WATCH: Rand trades slightly weaker overnight

By Compiled by Dhivana Rajgopaul Time of article published Apr 16, 2019

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JOHANNESBURG - The rand traded sideways on Monday, incessantly flirting with the R14/$ threshold, in line with a flat US dollar index. Traders were also cautiously looking ahead to tomorrow’s March CPI release. The headline index is forecast to have increased by 1.0 percent m-o-m in March, compared to a 0.8 percent mo-m increase in February. At the close of local trade, the rand quoted 0.37 percent weaker at R14.02/$, after trading in range of R13.90/$ - R14.03/$. The rand traded slightly weaker overnight. Expected range today R14.00/$ - R14.15/$.

South African bourse

The JSE All Share (-0.3 percent) ended lower yesterday, dragged by losses in technology and basic materials sector shares, while gains in healthcare and telecom shares mitigated losses. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.3 percent) traded lower. In local news, MTN (+0.5 percent) rose on the back of a surge in its e-commerce associate Jumia Technologies share price during its first day of trading on the New York Stock Exchange. Multichoice (-3.7 percent) was hit by news that local regulators are considering new restrictions to curb its market dominance in the pay-TV market.

Brent crude oil

The Brent oil price traded lower yesterday, amid speculation that Russia and Opec could start boosting supply again in order to capture market share from the US. At the close of local trade, benchmark Brent crude futures quoted 0.14 percent lower at $71.22pb. Crude prices dipped lower this morning.

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