WATCH: Rand trades weaker overnight
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The South African currency reversed initial gains yesterday as traders looked for trade deal clarity, while depressed sentiment owing to negative rating action by ratings agency S&P Global Ratings on Friday evening put further pressure on the local South African unit according to NKC Research.
At the close of local trade, the rand quoted 0.60 percent weaker at R14.76/$, after trading in range of R14.66/$ - R14.79/$. The rand traded weaker overnight. Expected range today R14.65/$ - R14.90/$.
South African bourse
The JSE All Share (-0.02 percent) failed to track rising global stock indices yesterday, as large banking (-2.45 percent) and gold mining (-1.03 percent) stocks weighed on the bourse. The likes of AngloGold Ashanti (-2.06 percent) and Harmony (-1.4 percent) followed the gold price lower. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.47 percent) traded higher.
Brent crude oil
Although Brent oil traded weaker yesterday, prices remained above $63pb on the back of hopes that Washington and Beijing would soon ink ‘phase 1’ of the trade deal. At the close of local trade, benchmark Brent crude futures quoted 0.72 percent lower at $63.18pb. The price of brent crude shot up during Asian trade this morning.
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