File image: IOL
File image: IOL

WATCH: Rand unmoved by land expropriation hype

By Compiled by Dhivana Rajgopaul Time of article published Nov 16, 2018

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JOHANNESBURG - The rand traded stronger versus the US dollar during European trade yesterday according to NKC Research. 

The South African currency strengthened in line with improved emerging market sentiment on the back of hopes that the US and China are making some progress in resolving their trade dispute. The rand was stable despite a parliamentary committee recommending that the Constitution be amended to allow for land expropriation without compensation for economic redress. At the close of local trade, the rand quoted 0.5 percent stronger at R14.25/$, after trading in the range of R14.21/$ - R14.40/$. The rand traded stronger overnight. Expected range today R14.00/$ - R14.30/$.

South African bourse

The JSE All Share (+0.3 percent) ended higher yesterday led by gains in large technology (+1.9 percent) and retail shares (+1.2 percent). In the overall emerging market sphere, the MSCI Emerging Market Index (+1.31 percent) traded higher. In local news, Woolworths (-0.34 percent) released a trading statement that showed a 2.7 percent y-o-y increase in sales for the 20 weeks ended November 11 on the back of solid performance in local food and Australian businesses.

Brent crude oil

The Brent oil price traded higher yesterday, as crude recovered some previous session losses; however, prospects of an oversupplied market kept gains to a minimum. At the close of local trade, the Brent oil price quoted 1.1 percent higher/lower at $66.76/pb. Crude prices continued to climb slightly higher during Asian trade this morning.

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