JOHANNESBURG - The rand traded softer during yesterday’s European session as the Moody’s relief rally tapered out according to NKC Research.
While emerging market appetite was fuelled by optimism regarding global trade growth following upbeat manufacturing data releases on US soil and the lingering effects of positive trade data out of China, the rand failed to consolidate on positive momentum as spill over effects from Turkey weighed. At the close of local trade, the rand quoted 0.2 percent weaker at R14.22/$, after trading in range of R14.08/$ - R14.26/$. The rand traded weaker overnight. Expected range today R14.05/$ - R14.30/$.
South African bourse
The JSE All Share (+0.1 percent) ended higher yesterday, led by gains in large technology (+1.2 percent) and mining (+0.6 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.1%) traded higher. In local news, Naspers (+1.3 percent) closed firmer yesterday amid news that Tencent – 31 percent owned by Naspers – said it is planning to raise around $5bn through a dollar bond sale. Tencent last tapped into the bond market in January 2018.
Brent crude oil
The Brent oil price traded mixed yesterday, as Opec supply cuts, US sanctions against Iran and disruptions in Venezuelan output raised expectations that oil might soon breach the $70pb echelon. At the close of local trade, benchmark Brent crude futures were unchanged at $69.18pb. Crude prices traded firmer during Asian trade this morning.
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