File image: IOL

JOHANNESBURG - The South African currency garnered support from easing US-Sino trade tensions and monetary stimulus – stoking optimism of loosening global liquidity conditions – although a cautious growth outlook by the finance ministry curbed gains according to NKC Research. 

While not unexpected, the finance ministry’s announcement that South Africa is set to miss the 1.5 percent growth target for 2019, partially due to a “much higher” fiscal shortfall, kept a lid on gains. At the close of local trade, the rand quoted 0.5 percent stronger at R14.51/$, after trading in range of R14.51/$ - R14.61/$. The rand traded weaker overnight. 

South African bourse

The JSE All Share (+0.60 percent) took cues from global stock markets as it closed in the black on Friday, amid growing optimism around US-China trade. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.42 percent) traded higher.

Brent crude oil

The Brent oil price traded steady on Friday, as traders remained cautiously optimistic that Sino-US trade tensions might be easing. At the close of local trade, benchmark Brent crude futures quoted 0.08 percent lower at $60.32pb. Crude prices vaulted higher over the weekend, posting its biggest intra-day percentage jump since the Gulf War in 1991, following a drone strike on Saudi Arabian oil facilities.

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