JOHANNESBURG – The rand edged stronger versus the US currency during European trade yesterday, according to NKC Research.
The South African rand extended previous session gains, trading comfortably near R13.80/$, despite big movements on the US dollar front.
The rand looked stable, as consumer confidence remained steady in positive territory during 2018 Q4. At close of local trade, The rand quoted 0.4 percent stronger at R13.76/$, after trading in range of R13.85/$ - R13.96/$. The rand traded stronger overnight. Expected range today R13.60/$ - R13.80/$.
The JSE All Share (-0.5 percent) ended lower yesterday, dragged by losses in large consumer goods (-1.1 percent) and mining (-0.4 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.78 percent) traded higher.
In local news, Vodacom (-6 percent) shares fell after the South African telecommunications giant’s performance during the quarter ended 31 December 2018 disappointed market expectations.
Brent Crude oil
The Brent oil price traded higher yesterday, despite news that showed US oil output was on track to surpass both Russia and Saudi Arabia by 2025. At close of local trade, the Brent oil price quoted 0.3% higher at $60.96pb. Crude prices traded higher during Asian trade this morning.