File photo: Reuters
File photo: Reuters

WATCH: Rand trades weaker overnight

By Compiled by Dhivana Rajgopaul Time of article published Nov 19, 2019

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JOHANNESBURG - The rand slipped as trading optimism waned after US-Sino trade-talk progress was drawn into question according to NKC Research.  

Meanwhile, embattled SAA announced that some domestic flights will be temporarily cancelled as the national carrier grapples with a worker strike. In turn, Eskom announced that Andre de Ruyter will commence duties as Chief Executive in January 2020. At the close of local trade, the rand quoted 0.65 percent weaker at R14.79/$, after trading in range of R14.69/$ - R14.83/$. The rand traded weaker overnight. In terms of the week ahead, rand behaviour will more than likely be guided by the Sarb’s rate-setting decision on Thursday, with expectations for a hold. Expected range today R14.75/$ - R15.00/$.

South African bourse

The JSE All Share (+0.74 percent) ended firmer yesterday, led by gains across the board. In local news, Netcare’s (+5.16 percent) stock rose sharply after the private hospital firm reported that its headline earnings per share rose more than threefold to 165.9c per share for the year ended 30 September 2019. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.32 percent) traded higher.

Brent crude oil

The Brent oil price tumbled yesterday, erasing most of last week’s gains, due to uncertainty over Sino-US trade negotiations. At the close of local trade, benchmark Brent crude futures quoted 1 percent lower at $62.28pb. Crude prices traded steady during Asian trade this morning. 

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