JOHANNESBURG - The rand traded on the back foot during Friday’s European trading session according to NKC Research.
The South African currency slipped to its weakest level in two weeks following comments from Moody’s that the recently released medium-term budget estimates are a credit negative. The rand trimmed some losses during late European trade as a US dollar rally fizzled out somewhat due to weak US corporate earnings results. At the close of local trade, the rand quoted 0.1 percent stronger at R14.64/$, after trading in the range of R14.55/$ - R14.75/$. The rand traded flat this morning. Expected range today R14.45/$ - R14.75/$.
South African bourse
The JSE All Share (-1.5 percent) took its que from global stock markets trading lower across the board. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.99 percent) traded lower. In local news, the JSE’s largest share by market cap, Naspers (-3.3 percent) announced that it would spend nearly R4.6bn on new and existing technology companies in South Africa.
Brent crude oil
The Brent oil price traded higher on Friday supported by lower Iranian crude output, but signs of a slowdown in global trade kept oil prices from climbing higher. At the close of local trade, the Brent oil price quoted 0.8 percent higher at $76.88/pb. Crude prices traded higher during Asian trade this morning.