The rand was trading weaker against the major currencies in today’s early trade on the back of poor employment numbers released yesterday which showed that the country lost 48 000 jobs in the first quarter of this year.
By 10 am the local unit had weakened 1.5% against the Dollar and 3.1% against the Euro and 2.2% against the British pound, trading at:
R13.05 against the US Dollar
R14.83 against the Euro
R16.68 against the British pound
The local bourse inched lower in early trade with the all share index and the top 40 index up 0.02%. Some of the big movers saw Lonmin share price gain 4.6% in early trade, while Telkom stock had tanked by 5.1% in early trade.
The international markets were trading lower after they were hit by the record $2.7 billion fine handed down to technology giants, Google by the European Commission. This saw a major sell-off in technology companies.
The FTSE opened weaker down 0.4%
Major U.S. benchmarks were also weaker overnight.
The NASDAQ was down 1.6% as technology stocks stumbled.
The Dow Jones was down 0.4%.
Asian stocks were trading weaker in early trade.
The Nikkei was down 0.4%
Hang Seng was down 0.5% as the technology sell-off intensifies.
Market factors to watch out for today:
No major data is expected to be released today.
On the companies front, we expect Westcoal to release their annual results for the year ended March.
BUSINESS REPORT ONLINE