JOHANNESBURG - The South African currency ran out of momentum against the greenback yesterday, after somewhat improved retail sales figures for April failed to ease concerns about the struggling local economy according to NKC Research.
The rand surrendered all of the previous session’s gains and remained on the back foot as the trade-weighted US dollar advanced in late trade. At the close of local trade, the rand quoted 1 percent weaker at R14.81/$, after trading in range of R14.67/$ - R14.82/$. The rand traded weaker overnight. Expected range today R14.85/$ - R15.15/$.
South African bourse
The JSE All Share (-0.1 percent) followed global stock markets lower yesterday. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.5 percent) traded lower. In local news, gold mining shares bucked the trend; with AngloGold Ashanti (+6.1 percent), Sibanye-Stillwater (+5.3 percent) Goldfields (+4.7 percent) all closing in the black yesterday.
Brent crude oil
The Brent oil price traded lower yesterday, weighed down by weak demand prospects and rising US crude inventories. At the close of local trade, benchmark Brent crude futures quoted 0.4 percent lower at $60.94pb. Crude prices traded firmer during Asian trade this morning.
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