File image: IOL
File image: IOL

WATCH: Rand trades stronger against the greenback

By Compiled by Dhivana Rajgopaul Time of article published Nov 25, 2019

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JOHANNESBURG - The South African currency ticked slightly firmer on Friday as traders awaited S&P’s rating decision according to NKC Research.

Moreover, lingering United States-Sino trade uncertainty weighed on risk appetite although the rand remained comparatively resilient, supported by carry appeal. At the close of local trade, the rand quoted 0.17 percent stronger at R14.66/$, after trading in the range of R14.60/$ - R14.73/$. The rand traded stronger this morning. The expected range of the rand against the dollar today is R14.60/$ - R14.85/$.

South African bourse

The JSE All Share (+0.39 percent) ended higher on Friday, in step with most global stock indices. In the local news, multinational company Naspers reported a 48 percent decline in profit for the six months to September 2019, following a reduction in the gains on investments held by its crown jewel, Tencent. Headline earnings per share (Heps) dropped to 326c per share from a revised 624c per share in last year. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.38 percent) traded higher.

Brent crude oil

The brent oil price traded near two-month highs on Friday, on expectations that Opec would extend supply cuts through to mid-2020. At the close of local trade, benchmark Brent crude futures quoted 0.61 percent higher at $63.91pb. The brent crude prices traded flat during Asian trading.

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