File Image: IOL
File Image: IOL

JOHANNESBURG - The rand whipsawed against the US dollar during European trade yesterday according to NKC Research. 

The South African currency started the day on the front foot, as improved risk sentiment related to the optimism regarding the US-China trade talks provided support. However, the rand pared these gains to end little changed versus the greenback following a volatile trading session. At the close of local trade, the rand quoted 0.3 percent stronger at R13.88/$, after trading in the range of R13.86/$ - R14.02/$. The rand traded slightly stronger overnight. Expected range today R13.75/$ - R14.00/$.

South African bourse

The JSE All Share (+1.7 percent) ended higher yesterday led by gains across the board. In the overall emerging market sphere, the MSCI Emerging Market Index (+1.9 percent) traded higher. In local news, the All Share benefited from strong performances in market heavyweights, such as Richemont (+1.7 percent), Glencore (+2.2 percent) and Naspers (+4.9 percent).

Brent crude oil

Benchmark Brent crude futures climbed higher yesterday, edging past the $60 level, buoyed by optimism that the extended Sino-US talks would defuse the trade dispute. At the close of local trade, benchmark Brent crude futures quoted 1.2 percent higher at $60.19/pb. Crude prices traded higher during Asian trade this morning.

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