JOHANNESBURG - The rand traded in a tight range during yesterday’s European trading session according to NKC Research.
The South African currency managed to pair some of Wednesday’s losses, caused by a weaker-than-expected fiscal outlook, during early European trade but weakened again somewhat in line with euro weakness after an uninspiring ECB monetary policy announcement. At the close of local trade, the rand was unchanged at R14.57/$, after trading in the range of R14.45/$ - R14.64/$. The rand traded weaker overnight. Expected range today R14.45/$ - R14.80/$.
South African bourse
The JSE All Share (+1.5 percent) ended higher yesterday led by gains in large consumer goods (+1.5 percent) technology (+1.3 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.43 percent) traded lower. In local news, Clicks (+6.8 percent) shares were lifted after the company declared a final dividend of R3.80 for the year ended 31 August 2018. The group’s overall revenue rose by 9.3 percent to R31bn, while net profit increased by 15.5 percent to R1.5bn, during the period under review.
Brent crude oil
The Brent oil price traded higher yesterday as US equities looked to bounce back from the previous session’s sell-off. At the close of local trade, the Brent oil price quoted 0.9 percent higher at $76.35/pb. Crude prices traded flat during Asian trade this morning.