INTERNATIONAL - The rand weakened sharply against the US dollar during Friday’s European trading session according to NKC Research.
The South African currency gave up Thursday’s gains as the greenback bounced back thanks to hawkish comments by Chicago Federal Reserve Bank President Charles Evans as well as upward revisions to historical US retail sales and consumer sentiment data which boosted the case for higher US interest rates. At the close of local trade, the rand quoted 0.8 percent weaker at R14.87/$, after trading in the range of R14.67/$ - R14.93/$. The traded slightly weaker this morning. Expected range today R14.70/$ - R15.00/$.
South African bourse
The JSE All Share (+0.7 percent) ended higher on Friday led by gains in large mining (+1.6 percent) and consumer goods (+1.0 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+1.1 percent) traded higher. In local news, Investec (+9.8 percent ) rose after it announced restructuring plans that will see the company disband its asset management unit.
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