JOHANNESBURG – The rand edged stronger against the US dollar during yesterday’s European trading session, according to NKC Research.
The South African currency was firmer during the day, although continued to hover in a tight range, thanks to broad greenback softness.
US-China trade tensions escalated overnight after US officials announced criminal charges against Chinese telecommunications company Huawei, sending some emerging market currencies lower. At close of local trade, the rand quoted 0.4 percent stronger at R13.60/$, after trading in range of R13.60/$ - R13.72/$.
The rand traded flat overnight. Expected range today R13.50/$ - R13.75/$.
South African bourse
The JSE All Share (+1.2 percent) ended higher yesterday led by gains in large retail (+1.4 percent) and mining (+1.3 percent) shares.
In the overall emerging market sphere, the MSCI Emerging Market Index (+0.2 percent) traded higher.
In local news, Absa (+6.1 percent) shares were hoisted by news that long-time CEO Maria Ramos, will step down next month – spurring expectations of fresh leadership.
Brent Crude Oil
The Brent oil price traded higher yesterday after Washington foisted sanctions against state-owned Venezuelan oil company PDVSA, a move that could likely create supply constraints.
At close of local trade, benchmark Brent crude futures prices quoted 1.6 percent higher at $61.35pb. Crude prices traded higher during Asian trade this morning.