JOHANNESBURG - The rand traded on the back foot during European trade yesterday according to NKC Research.
The South African currency ended little changed after recovering earlier losses. Emerging market currencies were under pressure throughout the day after the IMF trimmed its global growth forecasts earlier this week. This prompted risk-averse investors to opt for the safety of the greenback. At the close of local trade, the rand quoted 0.1 percent weaker at R13.89/$, after trading in the range of R13.83/$ - R13.94/$. The rand traded flat overnight. Expected range today R13.80/$ - R14.00/$.
South African bourse
The JSE All Share (-0.1 percent) ended lower yesterday dragged by weaker appetite for South African assets. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.77 percent) traded lower. In local news, MTN (+0.8 percent) has paid $53M to Nigeria’s central bank to settle a money transfer dispute in which the central bank accused the telecommunications company of illegally repatriating money.
Brent crude oil
The Brent oil price traded lower yesterday as the IMF lowered its global growth forecast for 2019 to 3.5 percent from 3.7 percent. At close of local trade, benchmark Brent crude futures quoted 1.3 percent lower at $61.29/pb. Crude prices recovered slightly during Asian trade this morning.
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