File image: IOL
File image: IOL

JOHANNESBURG - The rand edged weaker against the US dollar during yesterday’s European trading session, after trading in a narrow range according to NKC Research. 

Geopolitical tensions abroad and uncertainty over the Sino-US trade talks dampened demand for emerging market (EM) currencies, sending the South African rand lower. At close of local trade, the rand quoted 0.4 percent weaker at R14.03/$, after trading in range of R13.92/$ - R14.04/$. The rand traded weaker overnight. Expected range today R13.85/$ - R14.15/$.

South African bourse

The JSE All Share (-0.5 percent) ended in the red yesterday, after the Trump-Kim summit was cut short causing global stock markets to wobble. In the overall emerging market sphere, the MSCI Emerging Market Index (-1.0 percent) traded lower. In local news, Massmart (-6.4 percent) announced yesterday that its full-year headline earnings fell by 31.7 percent, weighed down by weak sales and a rise in expenses.

Brent crude oil

The Brent oil price traded lower yesterday as Sino-US trade tensions continue to drag on, coupled with concerns over a slowing Chinese economy. At the close of local trade, benchmark Brent crude futures quoted 0.2 percent lower at $65.98pb. Crude prices traded firmer during Asian trade this morning.

Like Business Report on Facebook by clicking here or follow us on Twitter @Busrep.

You can also follow the Business Report on Instagram here