JOHANNESBURG - The rand traded on the front foot during the early European session despite an underwhelming State of the Nation Address (Sona) on Thursday according to NKC Research.
Expectations of further monetary stimulus in the US and eurozone buoyed risk assets, while gold prices ticked higher. At the close of local trade, the rand quoted 0.2 percent stronger at R14.31/$, after trading in a range of R14.31/$ - R14.44/$. The rand traded steady this morning with the greenback looking softer. Expected range today R14.20/$ - R14.45/$.
South African bourse
The JSE All Share (+0.3 percent) ended higher on Friday, as large telecommunication (+1.3 percent) stocks carried the bourse across the line. This follows President Cyril Ramaphosa’s announcement last week that the long-delayed spectrum licensing process was expected to start soon. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.1 percent) traded lower.
Brent crude oil
The Brent oil price traded higher on Friday, but crude’s rise was halted after President Trump aborted a retaliatory strike against Iran. At the close of local trade, benchmark Brent crude futures quoted 1.8 percent higher at $65.17pb. Crude prices were basically unchanged during Asian trade this morning.