File image: IOL
File image: IOL

WATCH: Rand trades steady overnight

By Compiled by Dhivana Rajgopaul Time of article published Jan 10, 2020

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JOHANNESBURG - The South African currency was aided somewhat by thawing geopolitical tensions as traders digested mediocre data and a resumption of power cuts according to NKC Research.

Embattled power utility Eskom announced that load-shedding will continue into today, with the unpopular power rotation having resumed the previous weekend after South Africans enjoyed a festive period with the lights on. Domestic data failed to provide a basis for optimism, as manufacturing output fell by 3.6 percent y-o-y in November. Recent manufacturing and upcoming mining data may be a precursor to a dismal Q4 GDP reading. At the close of local trade, the rand quoted 0.29 percent weaker at R14.19/$, after trading in range of R14.12/$ - R14.22/$. The rand traded steady overnight as traders look to important US jobs data due later. Expected range today R14.10/$ - R14.35/$.

South African bourse

The JSE All Share (-0.34 percent) ended lower yesterday, dragged by large gold mining shares, including Goldfields (-4.32 percent) and AngloGold Ashanti (-3.03 percent). In the overall emerging market sphere, the MSCI Emerging Market Index (+1.62 percent) traded higher.

Brent crude oil

The Brent oil price ticked lower yesterday after trading in a narrow band. Oil is looking steady at familiar levels following Wednesday sharp sell-off. At the close of local trade, benchmark Brent crude futures quoted 1.32 percent lower at $65pb. Crude prices traded steady during Asian trade this morning.

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