The rand reacted violently to the speech, immediately shedding 20 cents and weakening from R14.60/$ to R14.80/$, while bond markets also saw a sell-off. Photo: Pixabay

JOHANNESBURG - The South African currency sighed with relief as monetary authorities shrugged off multi-year low inflation to keep the repo rate unchanged, lifting demand for the local unit and sheltering it from souring emerging market sentiment according to NKC Research.

At the close of local trade, the rand quoted 0.54 percent stronger at R14.67/$, after trading in range of R14.65/$ - R14.80/$. The rand traded steady overnight, following yesterday’s advance. Expected range today R14.60/$ - R14.80/$.

South African bourse

The JSE All Share (-1.35 percent) ended lower yesterday, dragged by losses across the board – the telecommunication (-2.5 percent) sector in particular. In local news, Mr. Price (+11.25 percent) stock ended the day higher, despite the local retailer reporting that its interim profit fell by nearly 10 percent during the 26 weeks ended September 2019. The company’s headline earnings per share (Heps) stood at 443.2c per share compared with 494.3c per share last year. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.71 percent) traded lower.

Brent crude oil

The Brent oil price traded higher yesterday on hopes that Opec would prolong supply cuts until mid-2020, and optimism that a trade deal could soon be reached. At the close of local trade, benchmark Brent crude futures quoted 1.51 percent higher at $63.14pb. Crude prices traded flat during Asian trade this morning.


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