JOHANNESBURG - The South African currency was initially caught in a narrow range as negative momentum from the previous trading session tapered while simmering US-Sino trade tensions kept traders wary, but positive local confidence data for September provided some reprieve for the rand according to NKC Research.
At the close of local trade, the South African currency quoted 0.47 percent stronger at R15.20/$, after trading in range of R15.14/$ - R15.28/$. The rand traded stronger overnight. The expected range of the rand today is R15.00/$ - R15.35/$, as today’s August mining and manufacturing data is expected to produce mixed results
South African bourse
The JSE All Share (-0.35 percent) failed to advance yesterday. Stock markets in Europe and the United States, in general, were trading higher on the back of trade optimism. In the local news, mining shares for Anglo American Platinum (+2.44 percent) and Sibanye Stillwater (+3.54 percent) shone yesterday thanks to elevated precious metals prices. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.09 percent) traded lower.
Brent crude oil
The Brent oil price rose abruptly following media reports that Beijing was open to a partial trade deal with Washington. At the close of local trade, benchmark Brent crude futures quoted 0.95 percent higher at $58.63pb. Brent crude prices surrendered yesterday’s gains during Asian trade this morning.