WATCH: The rand extends gains after an impressive week
Economy / 28 January 2019, 10:03am / Compiled by Gabriella Steyn
File Image: IOL
JOHANNESBURG – The rand traded stronger against the US dollar during Friday’s European trading session, according to NKC Research.
The South African currency extended gains against the trade-weighted US dollar, supported by improved risk-taking and news of a former Trump ally’s arrest.
The fresh bout of greenback softness assisted emerging market currencies across the board. At close of local trade, the rand quoted 0.4 percent stronger at R13.63/$, after trading in range of R13.61/$ - R13.74/$.
The rand traded on a firmer footing this morning and should receive some support today from news that the Chinese government will step up economic stimulus efforts. Expected range today R13.50/$ - R13.70/$.
South African bourse
The JSE All Share (+0.7 percent) ended higher on Friday led by gains in large mining (+1.7 percent) and industrial (+0.9 percent) shares.
In the overall emerging market sphere, the MSCI Emerging Market Index (+1.3 percent) traded higher on Friday.
In local news, AVI (-8.3 percent) cautioned shareholders that its interim sales were flat and that headline earnings would weaken by up to 7 percent. Asian markets edged higher this morning on the back of news that the US government shutdown has ended (temporarily) but concerns about the US-China trade war capped gains.
Brent Crude Oil
The Brent oil price traded weaker on Friday, after concerns over the ongoing Sino-US trade war and rising US crude output sent a chill through markets. At close of local trade, the Brent oil price quoted 0.8 percent lower at $61.28pb. Crude prices traded slightly higher during Asian trade this morning.
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