JOHANNESBURG - The rand traded slightly stronger against the US dollar during yesterday’s European trading session according to NKC Research.
The South African currency strengthened thanks to renewed hopes that US and China can sort out their trade differences and as the greenback was slightly under pressure due to caution ahead of the US midterm elections. At the close of local trade, the rand quoted 0.1 percent weaker at R14.19/$, after trading in the range of R14.16/$ - R14.28/$. The rand traded stronger overnight as the Democratic Party looked set to gain control of the House of Representatives in the US midterm elections. Expected range today R13.85/$ - R14.25/$.
South African bourse
The JSE All Share (-0.9 percent) ended lower across the board yesterday. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.0 percent) traded marginally lower. In local news, big names such, as British American Tobacco (-4.2 percent) and Naspers (-0.5 percent) featured among the day’s many laggards.
Brent crude oil
The Brent oil price traded lower yesterday, as markets were perplexed over the import waivers that Washington granted to eight countries to buy Iranian oil. At the close of local trade, the Brent oil price quoted 0.3 percent lower at $72.68/pb. Crude prices traded lower during Asian trade this morning.